🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Brazil's Lula to issue counter-proposal on Mercosur trade deal in 2-3 weeks

Published 07/19/2023, 03:51 AM
Updated 07/19/2023, 04:35 AM
© Reuters. FILE PHOTO: France's President Emmanuel Macron speaks with Vice President of Venezuela Delcy Rodriguez, Brazil's President Luiz Inacio Lula da Silva, Colombia's President Gustavo Petro and Argentina's President Alberto Fernandez during a meeting on the si

By Catarina Demony and Andrew Gray

(Reuters) -Brazilian President Luiz Inacio Lula Da Silva said on Wednesday he will send the European Union a counter-proposal on the long-delayed trade deal with the South American bloc Mercosur in the coming two or three weeks.

Lula, who spoke after the two-day EU-CELAC (Community of Latin American and Caribbean States) summit in Brussels, said Brazil put together a response that it was now being discussed by the Mercosur bloc, which also includes Argentina, Paraguay and Uruguay.

"In two-three weeks time we will deliver the definitive proposal to the European Union," Lula told reporters, adding he believed the EU would "very easily" agree with it.

The EU and the Mercosur bloc completed negotiations in 2019 but the deal has been on hold due to concerns about Amazon (NASDAQ:AMZN) deforestation and Brazil's commitment to climate change action.

Lula, who was elected last year, has promised to overhaul his country's climate policy.

The Commission has proposed attaching an annex to the agreement to show commitments on deforestation and other areas of sustainability and is awaiting Mercosur's response.

In Brussels, Lula said that "for the first time" he was optimistic both parties would conclude the agreement later this year.

Although the EU-CELAC summit marked a new era of increased political and economic cooperation between European, Latin American and Caribbean leaders, the meeting was clouded by wrangling over how to address Russia's war in Ukraine.

© Reuters. FILE PHOTO: France's President Emmanuel Macron speaks with Vice President of Venezuela Delcy Rodriguez, Brazil's President Luiz Inacio Lula da Silva, Colombia's President Gustavo Petro and Argentina's President Alberto Fernandez during a meeting on the sidelines of a summit of European Union-Community of Latin American and Caribbean States Summit (EU-CELAC) at The European Council Building in Brussels on July 17, 2023.     EMMANUEL DUNAND/Pool via REUTERS

The Brazilian leader irritated Western countries earlier this year when he suggested the West had been "encouraging" war by arming Ukraine.

Lula said it was necessary for countries to "convince Russia and Ukraine that peace is the right way to go".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.