The Basque Government believes that the agreement with Mercosur is a "clear opportunity" for the Basque industry
Industrial sector. Photo: EFE
The Basque Government has highlighted the trade agreement between the European Union and Mercosur, which it has described as a 'clear and potentially positive opportunity' for the Basque industry.
The Vice-Minister for Industrial Promotion of the Basque Government, Andoitz Korta, has stated that Mercosur "can become a strategic market for the internationalization of the Basque industry", although he has acknowledged that this is a first assessment and that they are waiting to know exactly the agreement.
He adds that the balance sheet is "very positive" from the point of view of the industrial sector, since the main Basque sectors exporting high added value (automotive, advanced manufacturing, machinery, electrical equipment, aluminium and aeronautics) are "among the beneficiaries of the agreement, as barriers are reduced and access to these markets is improved".
The Vice-Chancellor stresses that the gradual abolition of tariffs means a significant reduction in costs for Basque companies and recalls that the agreement has been reached at a time when the Basque industry is seeking new alternative and stable markets in the current geoeconomic context.
The representative of the Basque Government recalled that 120 Basque companies have 183 factories in the economic area of Mercosur, mainly in Brazil and especially in the automotive, energy and advanced technology sectors.
According to the latest report of the Department of Industry on trade relations between the Basque Country and Mercosur, which analyses the business establishment and the evolution of foreign trade in Argentina, Bolivia, Brazil, Paraguay and Uruguay, if Mercosur were to be considered a single country, it would have been ranked 17th in 2024 as the destination of Basque exports and 6th as the source of imports.
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