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European Union Report - September 2024
The European Union has been a strategic international partner for Uruguay. In 2023, exports of goods to the EU totaled USD 1.93 billion, being the third ...
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- The European Union has been a strategic international partner for Uruguay. In 2023, exports of goods to the EU totaled USD 1.93 billion, being the third largest export destination with 17% of total exports. Pulp and beef were the main products exported to the European bloc; together they accounted for more than 66% of the total.
- In 2022, USD 73 million were paid in tariffs associated with exports of goods to the European Union. Of this total, beef accounted for 60%, followed to a much lesser extent by tariffs associated with rice, dairy products and honey, among other products.
- The European Union is the main investor in Uruguay. Its countries represented 42% of FDI stock in 2023. European investments have been critical for the development of some strategic sectors in Uruguay, such as agriculture, forestry, energy or global services. These investments were mainly comprised of Spanish and Finnish capital. Spanish companies invested mainly in energy (especially wind power) and services (financial, fintech and business services). They also invested in other sectors such as the food industry, tourism, agricultural production and trade.
- The Strategic Association Agreement between Mercosur and the European Union is expected to increase trade and investment between the two blocs. It will also boost innovation, foster greater integration of the production chains of both parties and promote sustainable development.
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