EU economy has ‘lost almost €300bn’ due to lack of Mercosur trade deal

The European Union’s economy has lost hundreds of billions of euros due to the bloc’s failure to ratify a trade deal with South American trade bloc Mercosur, European Trade Commissioner Maros Sefcovic said in Nicosia on Friday.

“We have lost almost €300 billion because we do not have an agreement in place with Mercosur,” he said during a joint press conference with Cypriot Trade Minister Michael Damianos, before later clarifying that the amount refers to the amount the EU had been projected...