Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Brazil president says EU-Mercosur deal to come into force in up to three years

Published 06/30/2019, 02:18 PM
Updated 06/30/2019, 02:20 PM
© Reuters. Brazil's President Jair Bolsonaro speaks during a handover ceremony for Government Secretary Jorge Antonio de Oliveira Francisco at the Planalto Palace in Brasilia

(Reuters) - Brazilian President Jair Bolsonaro said on Sunday that it could take up to three years for the free-trade deal agreed by the European Union and South American bloc Mercosur to come into force, as it depends on approvals by lawmakers of all countries involved.

On Friday, EU and Mercosur concluded two decades of talks, committing to more open markets in the face of a rising tide of protectionism.

In an interview after his arrival from a trip to G20 in Osaka, Japan, Bolsonaro added he expected the Brazilian Congress to be one of the first to approve the EU-Mercosur treaty.

"(The deal) comes into force in one or three years, depending on the parliaments...Maybe ours will be one of the first to approve, I hope," he told journalists when arriving in Brasilia.

Bolsonaro called his trip to G20 a "mission accomplished", attributing the success to the fact that his ministers were chosen for technical reasons.

Since he took office on Jan. 1, his government has been struggling to get Congress to pass a bill to overhaul of Brazil’s social security system, shore up public finance and stimulate investment and economic growth.

His remarks come as hundreds protested on Sunday in various cities across Brazil in favor of the pension reform, the "Car Wash" corruption investigation, as well as Justice Minister Sergio Moro.

Moro, who as judge led the corruption trial that jailed former Brazil President Luiz Inacio Lula da Silva, was caught in a scandal after leaked personal messages showed he advised prosecutors to influence public opinion against the leftist leader.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In Rio de Janeiro, hundreds of people gathered around Copacabana Beach, with some carrying Brazilian flags and others placards saying "In Moro We Trust".

Asked about the demonstrations, Bolsonaro only said that "people have the right to protest".

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.