Brussels, 7 September 2022 (TDI): The Foreign Minister of Uruguay, Francisco Carlos Bustillo met the Executive Vice President of Economy in the European Union (EU) Commission, V. Dombrovskis on Tuesday. Both officials discussed issues of common interest during a work dinner in Brussels, Belgium.

The officials of the EU and Uruguay talked about the agreement of MERCOSUR-EU. The European Union (EU) and the Mercosur States reached a political agreement on 28 June 2019 for an ambitious, balanced and comprehensive trade agreement.

Moreover, the Foreign Minister of Uruguay, Bustillo met the President of the Delegation for Relations of the European Parliament with MERCOSUR, Jordi Cañas. Furthermore, the meeting also included the Vice President of the Delegation for Relations of the European Parliament, Monica González.

During the meeting, both dignitaries focused on strengthening the relations further. Moreover, strategies for the implementation of MERCOSUR were also discussed to carry out successful negotiations. The bi-regional agreement was also focused on in the meeting.

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Meeting with EU Commission’s Vice President

The Uruguayan Foreign Minister also met with the Vice President of the EU Commission, J. Borrel along with the High Representative for the European Union’s Foreign Affairs and Security. During the meeting, the relations of the EU with MERCOSUR states were analyzed.

Furthermore, both sides also discussed the development of shared values. Additionally, the commitment to strengthen the relations between the two blocs of MERCOSUR and the European Union was stressed.

MERCOSUR Agreement

The MERCOSUR is an agreement for the Southern Common Market that was established after the signing of two treaties in 1991 and 1994. The agreement sustains a trade and customs union with the aim of integration and development in the region. Due to the agreement, the EU’s exports to MERCOSUR in the year 2021 were €45 billion.

Moreover, the MERCOSUR agreement is now under the Presidency of Uruguay. The current leader of the union is the President of Uruguay, Luis Lacalle Pou.

The bilateral trade between the EU and MERCOSUR is extensive. Additionally, there are no tariffs or lower tariffs between the import and export of goods. Furthermore, Uruguay is urging for the expansion of the relations between the two unions for sustainable development.