Brazil Exports to European Union Rise 4 Percent Under Trade Deal

Brazil reported a 4 percent increase in exports to the European Union during the first 60 days of a free trade agreement between the Southern Common Market (Mercosur) and the EU. Speaking at the 25th Brazilian Agribusiness Congress, Geraldo Alckmin stated that the growth confirms the effectiveness of the deal in diversifying export destinations and expanding international market access.

The agreement, signed in January after 26 years of negotiations, entered provisional application in May. It aims to gradually reduce or eliminate tariffs on more than 90 percent of trade between the two blocs.

Alckmin emphasized that trade diversification is necessary to counter rising global protectionism. He further noted that the Brazilian government will continue seeking dialogue with the United States to reduce existing restrictions on Brazilian exports.