BRASILIA, Nov. 10 (Xinhua) -- Representatives of the Southern Common Market (Mercosur) trade bloc and the European Union (EU) agreed on Friday that a trade deal is likely by December.
The assertion came during a meeting in Brazil's capital Brasilia between authorities from Mercosur members: Argentina, Brazil, Paraguay and Uruguay, and a vice president of the European Commission, Jyrki Katainen.
"We have held several rounds on trade matters, on regulation matters, and today we concluded a round of negotiations," Brazil's Foreign Affairs Minister Aloysio Nunes said after the meeting, adding the two sides were close to wrapping up a deal before year's end.
Brazil, which currently holds the rotating presidency of the trade bloc, presented the EU with a package of initiatives designed to further the negotiations, said Nunes.
"Once we have a response on this package from the European Union -- if there's a positive sign, as we hope -- we will be able to speed up the negotiations so that they conclude by the end of the year," said Nunes.
A successful deal with the EU could spur Mercosur to finalize trade agreements with other economic blocs, he added.
Friday's meeting signaled progress after a less-promising gathering in October, when EU proposals were described as falling "below expectations."
According to Katainen, "European Union member countries consider the proposed partnership agreement to be of maximum importance. The first immediate outcome (of a deal) is going to be an increase in investor confidence and a greater show of interest."
Trade negotiations began in the mid 1990s, but were suspended from 2004 to 2010 given a lack of concessions, in agricultural from the European side, and in the industrial sector on the South American side.
Talks resumed in 2012, but have been inching along at a slow pace.
