Brazil’s finance minister sees growing support for Mercosur-EU deal

Brazilian Finance Minister Fernando Haddad said on Monday that he sees greater momentum for ratification of the long-delayed trade agreement between the South American bloc Mercosur and the European Union as geopolitical and trade tensions grow.

Following 25 years of talks, the free trade deal, which had divided European nations, was finalized in December. But it still requires legalization, translation, and approval by member nations from both blocs.

Speaking at an event in Sao Paulo, Haddad said he had noticed greater willingness from the French government, in particular, to move forward with the deal following his trip to Paris in late March.

France had historically opposed the agreement, arguing it would hurt French farmers by exposing them to unfair competition.

Mercosur includes agricultural powerhouses Brazil and Argentina, as well as Uruguay and Paraguay.

Haddad also said that after the trade war triggered by U.S. President Donald Trump's sweeping tariffs, Brazil had maintained open channels with the U.S., the EU and China.