EU-Mercosur FTA opens opportunity for textile industry

03 Jul '19

1 min read

Pic: Euratex

Euratex, the European Apparel and Textile Confederation, has welcomed conclusion of negotiations for a comprehensive Free Trade Agreement (FTA) between EU and Mercosur (Argentina, Brazil, Paraguay and Uruguay). Euratex ensured that the FTA was fit for textile and clothing companies also preserving social and environmental standards in making high-quality products.

“Despite a challenging trade environment, we are glad rules-based trade has prevailed,” said Alberto Paccanelli, Euratex president in a press release.

The EU-Mercosur FTA is the largest trade agreement ever concluded by the European Union, covering a population of 780 million. According to the EU, this agreement will save European companies over €4 billion in duties. For the textile and clothing industry in particular tariffs have been very high, reaching 35 per cent in Brazil.

“In 2018 EU exports of textile and clothing products to Mercosur were €460 million and the elimination of tariffs will open further business opportunities for our sector. We look forward to a swift approval by the European Council and the European Parliament,” added Paccanelli. (PC)

Fibre2Fashion News Desk – India

More EURATEX News... More Textiles News - Belgium...