Cyprus Times

Šefčovič: Speed Up Mercosur to Avoid Millions in Losses

Published February 20, 2026, 17:08
Šefčovič: Speed Up Mercosur to Avoid Millions in Losses

EU Trade Commissioner Maroš Šefčovič stressed the need to accelerate the approval of its trade agreement with Mercosur, warning that delays are costing the EU hundreds of billions of euros in lost production and export opportunities. According to Šefčovič, the EU has already lost nearly 300 billion euros due to the non-operational agreement, as well as over 200 billion in lost export opportunities. Šefčovič proposed reducing the approval process to about one year after the completion of negotiations, arguing that the EU cannot wait years for agreements to be implemented. This proposal appears to have support from several EU Trade Ministers. Šefčovič also mentioned that the agreement with Mercosur has evolved significantly, with greater emphasis on access to critical raw materials and clean technologies. He also highlighted the strategic dimension of the agreement, as Europe has lost market share in the Mercosur region in favor of China. Regarding China, Šefčovič described the EU's strategy as 'rebalancing,' pointing out the EU's large trade deficit with China (360 billion euros last year) and the need to restore balance to the relationship.