The European Union will abolish duties on the import of vegetable oils from Brazil

Brazil will be able to duty-free supply to the EU countries a number of agricultural products, including vegetable oil, according to the official website of the Ministry of Agriculture of Brazil.

This became possible after the signing of a free trade agreement between the European Union and the Mercosur economic bloc (Brazil, Argentina, Uruguay and Paraguay).

In 2018 Brazil exported agricultural products worth $ 13.6 billion to the European Union. The main export item was soybean meal ($ 3.4 billion). In turn, imports of agricultural products to Brazil amounted to $ 2.2 billion, its main item was olive oil ($ 362.5 million).

Thus, the mutual abolition of duties on the import of agricultural products will be most advantageous for Brazil, which has a trade surplus with the EU in both the agricultural sector and in general at all points of import. Moreover, the trade turnover of the European Union with Brazil considerably exceeds the trade turnover of the EU with other Mercosur countries.