The European Union is the first major partner to strike a deal with Mercosur (Brazil, Paraguay, Argentina and Uruguay). It is also the largest trade agreement ever signed by the EU, which creates a 780 million people market and 4 billion EUR in savings at the border for EU companies.
This “new” market can and should be a priority for EU tech companies, as there seems to be space for these type of companies to be contemplated in the trade agreement, even if it’s in the non-discrimination of EU companies, especially in Government contracts.
In data protection terms, this has major implications. Argentina has adequacy status so Argentina is a market where GDPR compliant companies could take advantage of the adequacy status of the country, to do all the cross-border transfers needed.
Brasil has just enacted its first data protection law, the LGPD. Although not completely equal to the GDPR, the principles are, in essence, the same. And the aim of Brazil to approach its data protection law to the GDPR is obvious. The trade agreement now becomes essential for the EU’s decision on adequacy, which has become a necessity with the trade deal. With Brazil gaining adequacy, it’s to be expected that tech companies can more easily enter the Brazilian market, without may changes to their already done GDPR compliances.
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