Post by : Badri Ariffin

Austria is intensifying its support for the long-stalled EU–Mercosur free trade agreement, with Foreign Affairs Minister Beate Meinl-Reisinger describing the deal as a pivotal “bridge of cooperation” that stands to benefit both Austria and Europe. Her statements indicate a renewed effort to overcome the political stalemate that has hindered the agreement for years.

The minister called on the ruling coalition to greenlight the deal, which aims to establish the world’s largest free trade area, serving nearly 700 million individuals in Europe and South America. She highlighted the necessity for Austria and the EU to pivot towards regions that can offer robust economic and security relationships.

A recent report from the Austrian Federal Economic Chamber has strengthened the case for this agreement. It revealed that Austrian exports to Mercosur countries already support approximately 32,000 jobs nationwide. The study forecasts that once the deal is enacted, an additional 2,000 industrial jobs could be created, alongside an estimated €300 million increase in industrial output.

The agreement is set to eliminate over 90 percent of customs duties, streamline business procedures, and enhance access to emerging markets for Austrian products. For many businesses, this could translate into improved trade efficiency, lower costs, and heightened global competitiveness.

As expectations grow, the government is urged to expedite the approval process. Advocates assert that Hungary is poised to gain significantly in a global economic environment that is rapidly changing due to new alliances and expanding regional groupings.

#Global News #World News