Business leaders call for “balanced” trade deal between Mercosur, EU

Mercosur, or the Common Market of the South, is a bloc composed of Brazil, Argentina, Uruguay and Paraguay.

The statement said the conclusion of the Doha Round in 2010 “seems to be a difficult goal,” and efforts are needed to reach a global agreement.

Lula said bringing the talks to fruition will be a high priority during his upcoming presidency of Mercosur, which begins in August.

He also emphasized that both Brazil and the EU support the efforts to keep the global trading system “open and governed by multilateral rules.”