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EU, Mercosur relaunch trade talks

05-18-2010 09:53 BJT

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The European Union and the Mercosur group - consisting of Argentina, Brazil, Paraguay and Uruguay - have formally relaunched trade-liberalization negotiations that had been frozen since 2004.

The decision was announced by the Spanish Prime Minister, following an EU-Mercosur summit in Madrid. Future talks will focus on creating a free-trade zone, representing a population of 750 million people. The EU is Mercosur's largest trading partner, representing more than 20 percent of Mercosur's foreign trade.

European Commission President Jose Manuel Barroso welcomed the economic potential of an EU-Mercosur free-trade deal, but said both sides would have to make concessions for an agreement to be reached.

Editor:Du Xiaodan |Source: CCTV.com

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