(Adnkronos) – Foreign minister Antonio Tajani is on Monday addressing the Italy-Latin America Business Forum, an event at which over 160 representatives will aim to exploit opportunties arising from the historic free trade deal between the European Union and the Mercsur bloc due to enter into force on a provisional basis on Friday.
The forum taking place in Prato, Tuscany, revolves around thematic sessions centred on sectors with the greatest internationalization potential: mechanical engineering, chemical-pharmaceutical, clothing-footwear; and agribusiness, said a foreign ministry statement.
Forum guests include representatives of the Italian private sector, Latin American companies, industrial unions from various countries in the region and the main Italian business associations, the statement said.
The event has been jointly organised by the foreign ministry and the International Italy-Latin American Institute with with the support of the Italian Trade Agency (ITA).
Trade between Italy and Latin America and the Caribbean has climbed in recent years, hitting 34 billion euros last year with a positive balance of 6.5 billion euros, according to the statement.
“In this context, the EU-Mercosur Agreement could contribute to further strengthening trade and expanding opportunities for Italian production chains,” said the statement.
Tajani is set to hold bilateral meetings at the forum with El Salvador’s vice president, Uruguay’s foreign minister and Venezuela’s industry and trade minister. The talks are aimed at deepening and bolstering bilateral realations, especially in the economic and justice sectors, as well a looking at key regional and international priorities, the statement continued.
After 25 years of negotiations, top officials from the EU and Mercosur members Argentina, Brazil, Paraguay and Uruguay signed an FTA in Paraguay on 17 January aimed at lowering tariffs and boosting trade between the two blocs. The deal creates the world’s biggest free trade zone, European Commission President Ursula von der Leyen announced at the signing cermony.
On 21 January, a majority of MEPs voted to refer the EU-Mercosur FTA to the EU Court of Justice to assess its legality amid oppoisition to the deal from several countries, suspending final ratification until the court ruling, which is considered unlikely before 2027.
