“More progress has been made on reaching an agreement in the last month than in the last 15 years,” Mairead McGuinness, MEP and vice president of the European Parliament, said. “In a worst case scenario, the price that EU agriculture might pay is estimated at €7bn, with particular concerns for the beef sector.”

McGuinness was speaking at an event on Wednesday in the European Parliament on the agricultural challenges of the Mercosur trade negotiations. She said it’s clear there is strong momentum for an agreement, with the Commission indicating a deal is possible.

“The Commission stressed that this potential cost for agriculture will not happen as account will be taken of the sensitivity of the beef sector in particular, with TRQs and tariffs still likely to apply. However, it is worrying that we do not have any details of the likely offer on beef.”

McGuinness called on the Commission to ensure EU standards will not be compromised by any agreement and will hold the Commission to account when they declare that EU food safety rules will not be compromised.

“The Commission is stressing that there are opportunities for EU agriculture exports to Mercosur and that growth opportunities for agriculture will come from outside the EU and not from within.”

Watch: Difficult Brazil meat audit justifies extra checks - Hogan

EU-US trade deal still on hold

€7bn bill for European agriculture if Mercosur deal is agreed – McGuinness

With the EU moving rapidly towards concluding a trade agreement with Mercosur, Mairead McGuinness has urged extreme caution on giving any concession on beef.