Brazilian Finance Minister Fernando Haddad urged the European Union to consider the political significance of its trade deal with Mercosur rather than focusing solely on economic factors.
Speaking at a conference at Sciences Po university in Paris on Monday, Haddad emphasized that while the agreement may offer limited economic benefits for Mercosur, its political value is crucial for both parties.
“In my opinion, Europe should also take a political look at this agreement, not just discuss every single 'win or lose' clause in the text,” Haddad stated.
The EU-Mercosur free trade agreement, concluded in December, promises about 4 billion euros ($4.33 billion) in annual tariff reductions. However, the deal still awaits approval from EU member states and faces resistance from countries such as France and Italy.
Haddad argued that embracing multilateralism is essential amid the uncertainty caused by U.S. tariff policies. He also noted that the Brazilian finance ministry is committed to ensuring the success of COP30, which Brazil will host in November, as part of restoring global multilateralism.
The trade deal is seen as an opportunity for both blocs to strengthen ties and counterbalance a potentially fragmented global landscape.
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Tensions between Afghanistan and Pakistan are showing no signs of waning after a weekend of clashes on the volatile Afghan border between the security forces of the two countries.
The International Committee of the Red Cross has said that it may take a considerable amount of time to hand over remains of hostages who died in Hamas detention given the difficulties of finding bodies in Gaza's rubble.
Israel's military said it opened fire on Tuesday to remove a threat posed by suspects who approached its forces in the northern Gaza Strip, and health authorities in Gaza said at least six Palestinians had been killed by Israeli fire.
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