Lisbon, Sept. 29, 2026 (Lusa) - Portugal's foreign minister said on Tuesday that the European Union (EU) should establish a global network of free trade agreements to promote openness and cooperation, speaking at a seminar on the EU-Mercosur agreement.
«From a trade perspective, given that there is currently a strong trend towards protectionism, the European Union, which is a champion of free trade, should establish a global network of free trade agreements, notably with Mercosur, the renewal of agreements with Mexico, Canada, India and Australia, the renewal of the agreement with Vietnam, and many others,» Paulo Rangel said at the seminar «The European Union–Mercosur Agreement in the Euro-American Context», held in Lisbon.
According to the minister, if there is «a global network of trade agreements, this will mean that we will promote open trade policies».
«If today there are countries that advocate protectionism, as is the case with the United States, which is a good ally of Portugal and plays a fundamental role in this Atlantic balance, this can only be countered if a significant part of the rest of the world enters into free trade agreements, because then there will be no alternative: everyone will be obliged to apply lower tariffs and adopt trade policies that are more conducive to free trade,» he noted.
Rangel also highlighted the need to conclude a trade agreement with the Association of Southeast Asian Nations (ASEAN), because this pact «cannot be ignored».
According to Rangel, the European Union–Mercosur agreement shows that Latin America, particularly Argentina, Uruguay, Paraguay and Brazil, has succeeded in overcoming this ‘isolationist impulse' with the EU.
The EU–Mercosur trade agreement entered into force, provisionally, on 1 May 2026. By 2040, the pact could increase the EU's Gross Domestic Product (GDP) by more than €77.6 billion and boost annual exports by around 39% [up to €50 billion].
«With the agreement coming into force, on a provisional basis because these forces in favour of greater openness never give up, even within the European Parliament there are forces seeking to block this agreement – perhaps the phrase by [the Brazilian poet] Vinicius de Morais, ‘Farewell, Old Europe', is no longer quite so true,» he emphasised.
For Rangel, the EU–Mercosur agreement «is worth far more than its economic and commercial impact. What it represents in economic and commercial terms is extraordinary, meaning that 91% of traded goods will now be traded on much more favourable terms than before».
The agreement, according to the minister, «involves around 700 million people and offers many more opportunities for all businesses, even in those sectors that have often been the most vocal in their attempts to block [the agreement], such as Europe's agri-food sector. The opportunities this agreement opens up are enormous».
«Portugal has always supported this agreement, not least for geo-economic and geopolitical reasons. Forging links between Europe and South America is essential. This convergence of economic and commercial interests – vast in scale and far-reaching in scope – is not merely an economic and commercial issue; it is a fundamental political issue,» he remarked.
«These two subcontinents are the product of the same culture; they share the same world-view, albeit with ‘nuances' and differences, as is obvious. This bond is important on a global scale for the affirmation of this region,» he pointed out.
Rangel announced today that Portugal has expressed its willingness to take on the pro-tempore secretariat of the Ibero-American Conference in 2029–30.
«This is a key initiative. If Portugal goes ahead, as we have only expressed our willingness so far, we will submit a formal bid in the first half of 2027 and see whether we receive support. I believe we were well received,» he said.
According to the minister, Spain currently holds this position and, after 20 years, «a Portuguese-speaking country could once again take on the pro-tempore secretariat of the Ibero-American Conference».
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