Many EU products currently pay high export tariffs to the Mercosur bloc, comprising Argentina, Brazil, Paraguay and Uruguay. Some notable examples are cars (35%), wines and spirits (up to 35%), cheese (28%) and machinery (up to 20%).
With the EU-Mercosur Partnership Agreement, these tariffs will be eliminated or significantly reduced, creating new opportunities for a market of 780 million consumers, representing 25% of world trade.
