Uruguay

Relations between the EU and Uruguay are governed by the Framework Co-operation Agreement concluded in 1992.

Since then bilateral relations have intensified, including in economic terms (the EU is the biggest source of investment in Uruguay).

The follow-up of this agreement entails meetings of the EU-Uruguay Joint Commission, including on trade matters. This Commission met in March 2017. The following Joint Commission should meet again in 2021.

As a member of Mercosur, Uruguay is also a Party to the EU-Mercosur Framework Co-operation Agreement signed in 1995, which includes provisions on trade cooperation. Uruguay participated fully in the negotiations of an EU-Mercosur Association Agreement.

Trade picture

• The EU is currently Uruguay's third-biggest trading partner after Brazil and China, representing 11% of Uruguay's total trade. Total bilateral trade between the EU and Uruguay amounted to €2.27 billion in 2024, with a small surplus in favour of the EU.
• In 2024, EU exports to Uruguay were dominated by chemicals (33%), machinery and appliances (24%), and transport equipment (8%).
• In 2024, over half of EU imports from Uruguay were of pulp and paper (52%). Other important imports were animal products (21%) and vegetable products (11%).
• The EU is the most important investor in Uruguay, with foreign direct investment (FDI) stock of approximately €32.1 billion in 2023, including in the pulp sector.
• EU exports of services to Uruguay accounted for €1 billion in 2023, and EU imports for €0.7 billion.

The EU and Uruguay

Uruguay in Mercosur

A future EU-Mercosur Association Agreement will provide a boost to regional trade integration among the countries of Mercosur and stimulate new opportunities for trade with the EU by removing tariff and non-tariff barriers to trade.

The Mercosur-EU Association Agreement covers, among other issues, trade in goods and services, investment, intellectual property rights (IPR) aspects including protection of geographical indications, government procurement, technical barriers to trade and sanitary and phytosanitary issues, trade and sustainable development.

More information on Mercosur

Uruguay and foreign investment

• The possibility of access to other Mercosur markets plays an important role in the attractiveness of Uruguay as a destination of Foreign Direct Investment; a fact that is reinforced by major investments in the Uruguayan forestry and paper production sector.

Trading with Uruguay

• Importing into the EU from Uruguay
  • EU trade defence measures on imports from Uruguay
• Exporting from the EU to Uruguay
  • Trade defence measures in force in Uruguay
• Trade relations are part of the EU's overall political and economic relations with Uruguay
• Uruguay is a member of the World Trade Organization