fter 25 years of negotiations, the European Union has reached a
fter 25 years of negotiations, the European Union has reached a far-reaching partnership agreement with Mercosur, the South American trade bloc made up of Argentina, Brazil, Paraguay and Uruguay. Together, the EU and Mercosur form a market of about 780 million consumers, and for Greece the deal could reshape how its products and services reach the world.
The European Commission has briefed each EU member state individually on what the agreement means for its economy. For Greece, the message is: more exports, lower costs and stronger protection for some of the country’s most famous products. At the same time, the agreement appears to offer protection for flagship products such as feta from imitation in local markets. However the seven-year transition period built into the deal raises concerns about how effective that protection will be in practice.
A big market for a small-business economy
Greece’s export sector is dominated by small and medium-sized companies. Ninety-seven percent of Greek exporters are small firms, many of which struggle to sell beyond the EU because of high tariffs and complex bureaucracy.
The EU-Mercosur agreement aims to change that by:
- Eliminating tariffs on 91% of all products, making Greek goods cheaper and more
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