EU Commissioner for Agriculture Phil Hogan has said there will be a €1bn transition fund for European farmers to help adjust to market changes caused by the Mercosur trade deal.

"During the gradual implementation periods for the various quotas, EU producers will have time to make any necessary adjustments to the new trading environment.

"The Commission also stands ready to assist farmers to make any such adjustments, with a financial support package of up to €1bn in the event of market disturbance," Hogan said.

Preferential rates

The Mercosur trading bloc has got a 99,000t beef quota to export to the EU at preferential rates under a trade deal with the EU, announced on Friday. This will be implemented over a five-year period.

Poultry from Mercosur has a 100,000t quota, again to be implemented over five years.

Under the deal, the EU and Mercosur commit to implement the Paris Climate Agreement.

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