(Reuters) – French President Emmanuel Macron said on Wednesday during his visit to Brazil that a potential trade agreement between the European Union and the South American Mercosur bloc as it currently stands is a “very bad deal” and more work on climate is needed.
“As it is negotiated today, it is a very bad deal, for you and for us,” Macron told businessmen in Sao Paulo while on a three-day trip to Latin America’s largest economy, amid talks over a trade deal between the European Union and Mercosur.
“There is nothing that takes into consideration the subject of biodiversity and climate; nothing,” Macron said. “Let’s forge a new deal in light of our goals and reality, a trade deal that is responsible on development, climate and biodiversity.”
While Brazil has said it is ready to sign a deal, France has repeatedly expressed reservations and said its farmers have objected to the prospect that could allow in agricultural imports, notably beef, that do not meet strict EU standards.
“We still have time,” said Brazilian Finance Minister Fernando Haddad at the same event. “It’s true we lost an opportunity at the end of last year, but we should not give up on this deal.”
Haddad added that Brazilian President Luiz Inacio Lula da Silva had invested a lot of time in the deal and would keep investing in a closer relationship with the European market.
Macron also called for much more direct investment from Brazilian firms into France and said the two countries could cooperate on investing in third markets, notably in Africa.
“We need to go much faster, much stronger, much further,” Macron said.
(Reporting by Sarah Morland in Mexico City and Eduardo Simoes in Sao Paulo; editing by Jonathan Oatis)
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