The Argentine Textile Industry Federation (FITA), Brazilian Textile and Apparel Industry Association (ABIT), and European Apparel and Textile Confederation (EURATEX) support the Mercosur-EU agreement for industry competitiveness. The deal creates a free trade area, removing tariffs on over 90% of EU exports to Mercosur countries. EU exported €57bn to Mercosur in 2024.

FITA, ABIT, and EURATEX are confident in the partnership’s strategic value despite legal challenges. The agreement signifies commitment to economic integration, predictable business rules, and multilateral cooperation. The organizations pledge to actively implement the deal and strengthen both regions’ roles in global trade.

EU’s textiles and apparel sector comprises 200,000 companies employing 1.2 million workers with annual turnover of €170bn. In Brazil, 25,700 businesses employ 1.3 million and generate $40.9bn turnover. Argentina’s sector has 4,000 companies with 540,000 workers. The partnership offers market access, technological cooperation, and environmental standards.

The Mercosur-EU Partnership Agreement benefits textile and apparel industries with market access, technological cooperation, and environmental standards. The agreement is supported by industry groups for its opportunities and benefits for both economic blocs.

Read more at Yahoo Finance: Textile groups back ‘essential’ Mercosur-EU deal