EU fashion sector seeks swift approval of EU-Mercosur Agreement

Core Viewpoint - The EU-Mercosur Agreement is deemed essential for enhancing the EU's long-term competitiveness and is supported by various European fashion industry associations as a critical element in the EU's diversification strategy [1][2]. Group 1: Economic Impact - The agreement is projected to contribute €77.6 billion to the EU GDP and €9.4 billion to the Mercosur GDP by 2040 [3]. - It is expected to result in a 39% increase in EU exports to Mercosur and a 17% increase in Mercosur exports to the EU [3]. Group 2: Market Access and Cooperation - The agreement will enhance market access, improve resource access, and preserve key sectors in European domestic markets while diversifying secure supply chains [4]. - It aims to foster investments and deepen cooperation on sustainable development, including climate change, biodiversity preservation, and labor rights [4]. Group 3: Urgency for Ratification - The associations emphasize the need for a streamlined ratification process to avoid delays, highlighting the agreement as a crucial opportunity for growth and prosperity for a significant portion of the global economy [5]. - The EU-Mercosur agreement is expected to lead to considerable growth in bilateral trade for the European textile and apparel sector [5].