Speaking at a European Union-organized event, Uruguay's Economy and Finance Minister Gabriel Oddone said the Mercosur-EU agreement, due to enter into force on 1 May, should expand market access and help attract foreign direct investment from the European Union, while reinforcing the government's push for clear, durable and non-excessive regulation to support growth. He linked the agreement to a broader competitiveness agenda focused on lowering logistics and energy costs and improving business conditions. Oddone said the four Mercosur countries were still negotiating how the relevant quotas would be allocated among them and warned that a quick deal was unlikely, meaning access could initially be governed by a first come first served approach if no internal consensus is reached. He also said the agreement should help Uruguay strengthen its framework in areas such as labour rights, environmental protection and artificial intelligence regulation, and would oblige the country to eliminate the consular levy on foreign trade over the next three years. That levy currently raises about USD 350 million a year. The ministry plans to submit its Competitiveness and Innovation bill to Parliament at the end of May. According to Oddone, the draft will contain microeconomic reforms to facilitate trade, reduce bureaucracy in dealings between the private and public sectors, and promote innovation.
Ministry of Economy & Finance (Uruguay) 2026-04-29
Uruguay Ministry of Economy and Finance outlines end May competitiveness bill and three year removal of USD 350 million consular levy under Mercosur EU agreement
Uruguay’s Economy and Finance Minister Gabriel Oddone said the Mercosur-EU agreement, due to enter into force on 1 May, should expand market access, attract European FDI and reinforce the government’s agenda for clear, durable and non-excessive regulation, while supporting competitiveness. He noted that Mercosur quota allocations are still under negotiation and warned that a first come first served approach may apply initially. Uruguay must eliminate its consular levy on foreign trade, which raises about USD 350 million annually, over three years. Oddone added that the ministry will submit a Competitiveness and Innovation bill to Parliament at the end of May to introduce microeconomic reforms to facilitate trade, reduce bureaucracy and promote innovation.