The plenary of the Chamber of Deputies approved this Wednesday(25) the trade agreement between the Mercosur and the European Union. The text of the agreement was approved yesterday (24) for Brazilian representation in the Mercosur Parliament (Parlasul). 
With approval, the text goes to the Senate plenary for a vote. The agreement still has to be ratified in the Congresses of Argentina, Paraguay and Uruguay.
The European Parliament asked the Court of Justice of the European Union a legal assessment of the agreement. Entry into force only after completion of all procedures.
The agreement, approved by the Chamber in a symbolic vote with the Psol-Rede federation voting against, creates a free trade area between the two blocs, with a gradual reduction in tariffs and the preservation of sectors considered sensitive, in addition to providing safeguards and dispute resolution mechanisms.
Signed on January 17thin Paraguay, the agreement was sent for analysis of Brazilian representation in Parlasul by President Luiz Inácio Lula da Silva on February 2nd.
The debate in the Brazilian representation began on February 10, when deputy Arlindo Chinaglia (PT-SP) read his report on the agreement, but a request for review postponed analysis. This Tuesday, the text was unanimously approved by the representation.
At the rapporteur’s suggestion, any acts that may result in denunciation or review of the agreement, as well as any adjustments that entail charges or commitments for Brazil, will be subject to congressional approval.
“The agreement opens a new stage of cooperation and partnership between Mercosur and European Union countries”, highlighted Chinaglia in the opinion.
The text contains 23 chapters which deal, among other points, with reducing import taxes and creating rules for various sectors. Mercosur will eliminate tariffs on 91% of European goods within 15 years. The European Union will eliminate tariffs on 95% of Mercosur goods within 12 years.
The agreement establishes the largest free trade zone in the world, with more than 720 million inhabitants. The Brazilian Export and Investment Promotion Agency (ApexBrasil) estimates that the implementation of the agreement it can increase Brazilian exports by around US$7 billion and expand the diversification of Brazilian international sales, even benefiting the national industry.
