June 28, 2019

LEADERS OF THE FREE WORLD:

EU strikes South American mega deal (POLITICO, 6/28/19)

After 20 years of trying, the European Union on Friday finally reeled in its biggest trade deal by striking an accord with the South American Mercosur bloc.

The political deal will give the European Commission something to brag about at the summit of G20 leading economies in Osaka, where the EU's free-trade agenda is finding itself increasingly isolated in the face of U.S. protectionism and Russian President Vladimir Putin's assertions that liberalism has had its day.

Indeed, only moments after the deal was struck, European Commission President Jean-Claude Juncker said in a statement that it was a "historical moment" precisely because of the fevered global debate. "In the midst of international trade tensions, we are sending today a strong signal with our Mercosur partners that we stand for rules-based trade," he said.

Also suggesting that the world is fracturing along ideological lines on openness to trade, EU Trade Commissioner Cecilia Malmström added: "This agreement adds four more countries to our impressive roster of trade allies."

Posted by at June 28, 2019 6:54 PM

  

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