Vaidere: Latvia will benefit from a deal on world's biggest trade agreement.

"Today, a very important deal for Europe has been reached on a trade agreement between the European Union and the Mercosur countries (Argentina, Brazil, Uruguay, Paraguay and Bolivia). This agreement will establish the largest free trade area in the world with a population of more than 700 million," said Inese Vaidere, Vice President of the European Parliament (EP) Delegation to the Euro-Latin America Parliamentary Assembly and Member of the International Trade Committee.

This agreement will establish the largest free trade area in the world with a population of more than 700 million

"The EU-Mercosur trade agreement has been a long and difficult road over twenty-five years. However, this agreement is good news for consumers, economic growth and jobs in Europe and also in Latvia. It is essential at a time when we want to diversify supply chains to ensure the EU's strategic autonomy and when trade with the US is likely to become more difficult," explains MEP Inese Vaidere.

A free trade agreement simplifies exports, reduces tariffs and sets standards, leading to significant job opportunities and economic growth in Europe

The MEP Inese Vaidere points out that the Mercosur countries - Argentina, Brazil, Paraguay, Uruguay and Bolivia - form a single market, like the EU, with a population of more than 260 million. A free trade agreement between the EU and these countries simplifies exports, reduces tariffs and sets standards, leading to significant job opportunities and economic growth in Europe. It is essential for the EU's competitiveness. Already 30 000 European SMEs export to these South American countries. Of course, the agreement also includes strong provisions on deforestation in South America."

The next step is for the EU-Mercosur agreement to be approved by MEPs as well as Member States.