Business
South America’s Mercosur bloc signs trade deal with 4 European countries
Brazil’s President Luiz Inacio Lula da Silva, (front left), and Argentina’s President Javier Milei, stand next to each other as they get into position for a group photo with other leaders attending the Mercosur Summit in Buenos Aires, Argentina on July 3. (AP)
RIO DE JANEIRO, Sept 17, (AP): South America’s Mercosur bloc signed a free trade deal Tuesday with the European countries of Iceland, Liechtenstein, Norway and Switzerland, as ties between the two continents deepen amid global uncertainty sparked by sweeping US tariffs. The agreement was signed in Rio de Janeiro between Argentina, Brazil, Paraguay and Uruguay on one hand, and the four European countries – none of which belong to the European Union – on the other.
The deal will create a free trade zone of almost 300 million people and a combined gross domestic product of more than $4.3 trillion, according to a joint statement. “Even in a world marked by trade tensions and rising protectionism, we remain advocates of international trade based on rules,” Brazil’s Foreign Minister Mauro Vieira said at the ceremony on Tuesday.
The reference to tension and protectionism was aimed at tariffs imposed by US President Donald Trump on a wide range of countries. Trump enforced tariffs of 50% on Brazil in response to, among other issues, the coup trial of former President Jair Bolsonaro, which the US president called a “witch hunt.” Last week, a panel of justices ruled that the ex-leader had attempted a coup and sentenced him to 27 years in prison.
Tuesday’s deal covers goods, services, investment and intellectual property rights, among other areas. It could generate a drop in prices of Swiss chocolate and Norwegian cod in the South American nations, and cheaper beef in the European countries. “Both sides will benefit from improved market access for more than 97% of their exports, which will increase bilateral trade and translate into benefits for businesses and individuals,” the joint statement said.
Each country must ratify the trade deal for it to come into effect. The 14 rounds of negotiations leading up to the deal began in June 2017 in Buenos Aires. The Mercosur bloc also hopes to soon ratify a much larger free trade deal with the European Union. Last December, the two groups of nations agreed to the deal some 25 years after negotiations were launched, but it still needs to be ratified by both sides.
Tuesday’s agreement shows that Mercosur is willing to adapt to EU standards, said Flavia Loss, an international relations professor at Foundation School of Sociology and Politics in Sao Paulo. “It’s an important signal to convince the EU of Mercosur’s goodwill,” she said. Observers say that the EU-Mercosur trade deal increased in importance for Brazil after Trump’s 50% tariff, as it led to an increased push to diversify trading partners.
Vehicles are parked for export at a Yokohama port, near Tokyo on Aug 1. (AP)
TOKYO, Sept 17, (AP): Japan’s exports to the United States plummeted 13.8% in August compared to the same month the previous year, marking the fifth straight month of declines, as auto exports were hit by President Donald Trump’s tariffs. The Finance Ministry data released Wednesday showed the rate of the drop in exports to the US compared to the previous year worsened from a 10.1% slip in July.
US tariffs on Japanese automobiles and auto parts decreased from 27.5%, the amount Trump initially levied, to 15% this week, but that’s still higher than the original 2.5%. Wednesday’s data reflect the month of August, when the tariffs were higher. Japan’s overall exports were little changed, slipping 0.1%, as exports grew to Europe and the Middle East.
The provisional data for August showed Japan’s imports from the world fell 5.2% from a year ago. Imports from China grew 2.1%, while exports to China fell 0.5%. Imports from the US grew 11.6%. Exports to the world grew in food, gaining 18%, as well as in ships, growing by nearly 25%. Imports grew in computers, adding nearly 35% on-year, while aircraft rose 21%.
KUWAIT CITY, Sep 16: As of September 16, 2025, Carrefour has officially announced that it will cease all operations in Kuwait. In a message to customers, the management expressed “sincere gratitude” for decades of support and patronage. Carrefour was introduced to the Middle East region in 1995 by Majid Al Futtaim (MAF), which secured exclusive franchise rights and has since operated Carrefour stores in multiple countries, including Kuwait.
In Kuwait, before this closure notice, Carrefour had been expanding. In February 2022, Carrefour (owned by MAF) opened its ninth supermarket in the country in the Khairan area, offering about 15,000 local and imported items.
In Oman, Carrefour ceased operations effective January 7, 2025, as announced by Majid Al Futtaim. The closure was followed by the launch of a new chain called HyperMax to replace Carrefour stores there. Similarly, in Bahrain, Carrefour operations ended as of September 14, 2025, and again, Majid Al Futtaim replaced them with its HyperMax brand. The change also involved local partners, suppliers, and about 1,600 employees.
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