Spain expects Mercosur deal approval by year-end

Spain anticipates that the trade agreement with the South American bloc Mercosur will be approved by the end of the year, Economy Minister Carlos Cuerpo said on Monday.

Under the proposed deal, Mercosur would remove tariffs on 91% of its exports to the European Union, while the EU would gradually eliminate tariffs on 92% of Mercosur’s exports over a ten-year period.

Some EU member states, including major economies such as France, have expressed concerns over the agreement.