IJSSER

Title: THE INCONSPICUOUS FUTURE OF THE EU - MERCOSUR FREE TRADE AGREEMENT
Authors: Rahul Kamath
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Rahul Kamath Pursuing Master of Arts in International Studies, Symbiosis School of International Studies, Pune
MLA 8 Kamath, Rahul. "THE INCONSPICUOUS FUTURE OF THE EU - MERCOSUR FREE TRADE AGREEMENT." Int. j. of Social Science and Economic Research, vol. 5, no. 4, Apr. 2020, pp. 906-915, ijsser.org/more2020.php?id=65. Accessed Apr. 2020. APA Kamath, R. (2020, April). THE INCONSPICUOUS FUTURE OF THE EU - MERCOSUR FREE TRADE AGREEMENT. Int. j. of Social Science and Economic Research, 5(4), 906-915. Retrieved from ijsser.org/more2020.php?id=65 Chicago Kamath, Rahul. "THE INCONSPICUOUS FUTURE OF THE EU - MERCOSUR FREE TRADE AGREEMENT." Int. j. of Social Science and Economic Research 5, no. 4 (April 2020), 906-915. Accessed April, 2020. ijsser.org/more2020.php?id=65.
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Abstract: The twenty-first century world trade mainly revolves around the protectionist environment driven by the United States of America and China. In reaction to such protectionism, the European Union - MERCOSUR Free Trade Agreement is a reaction towards protectionism. This agreement took twenty years in the making when the deadlock was first resolved in 2016. This new FTA will be one of the most significant and most sophisticated trade areas in the world. Primarily, because of the magnitude of the trade and investment flows. Together Mercosur and the EU account for a GDP of US$ 20 trillion. Secondly, it is a combined market of 780 million people, almost 1/10th of the total population. Even before the trade agreement, the EU was Mercosur's second-biggest trading partner and the largest foreign investor in the region. The relationship between the EU and Mercosur is unique as it is EU 8th largest non - regional partner, especially when the EU does not have a preferential trade agreement in Latin America. The new free trade agreement has generated expectations on both sides of Atlantic. The agreement will increase the trade flows, create jobs and decrease youth unemployment, freeing tariffs and fostering markets access to both the EU and Mercosur but environmental activists, indigenous rights campaigners, European Beef farmers and small - scale farmers have denounced the trade agreement deal. The creation of such an agreement between two big regional blocs minimizes losses and stimulate sectors to reach its efficiency. This paper aims to identify the challenges and lay a roadmap for the future of the EU - MERCOSUR trade with the current political system in both the blocs. The agreement is in its principle stages and has not been ratified yet, but it is an agreement worth fighting for as it has the potential for development towards higher growth.

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