EU-MERCOSUR: STRATEGIC OPPORTUNITIES AND PRACTICAL
IMPLICATIONS FOR ITALIAN BUSINESSES
Key takeaways from the DG TRADE Italian Edition discussion – 26 May 2026

INDEX

• Executive Summary
• Market Access, Competitiveness and Regulatory Simplification
• Sector-Specific Implications and Strategic Considerations for Italy
• Conclusions

Executive Summary

The DG TRADE Italian Edition discussion on 26 May 2026 provided a practical overview of what the EU-Mercosur Agreement could mean for Italian businesses, placing the debate within a broader geopolitical and commercial context. The discussion made clear that the agreement is being framed not only as a trade instrument, but also as a strategic response to Europe’s declining competitive position in parts of Latin America, particularly in comparison with China’s growing economic footprint in the region.

A central message from the speakers was that the agreement would create opportunities for European exporters by reducing both tariffs and administrative barriers, while preserving EU regulatory standards. For Italian businesses, this could translate into stronger market access, improved protection for geographical indications, and a more predictable commercial environment in sectors where Italy has established strengths. At the same time, concerns around sensitive agricultural imports were directly addressed, with assurances that EU food safety requirements and market safeguard mechanisms remain fully in place.

Market Access, Competitiveness and Regulatory Simplification

Much of the discussion focused on the practical implications of the agreement for European companies seeking to expand in Mercosur markets. Speakers emphasized that the commercial value of the agreement goes well beyond tariff reductions. A major advantage lies in the reduction of non-tariff barriers that often make exporting costly and slow, including duplicative technical checks, burdensome certification procedures, and import authorization processes that create uncertainty for businesses.

The agreement was also presented as a strategic tool to strengthen Europe’s competitive position in Latin America at a time when Chinese firms have become increasingly embedded in the region. According to the speakers, European businesses currently face a structural disadvantage in markets such as Brazil and Argentina, where China has consolidated its presence while European market share has weakened. Because China does not currently benefit from an equivalent trade arrangement with Mercosur, the agreement could improve the relative position of European exporters, particularly in sectors such as automotive manufacturing, fashion, wine, and industrial goods where Italian companies are especially active.

Sector-Specific Implications and Strategic Considerations for Italy

A more technical part of the discussion focused on rules of origin, which will determine whether products qualify for preferential tariff treatment. Speakers acknowledged that these requirements can be complex and differ significantly depending on the sector, especially where supply chains rely on components sourced globally. This means that businesses will need to assess carefully whether their products can effectively benefit from the agreement in practice.
For Italy, the agreement was presented as especially relevant for industries that rely on quality, brand value, and product authenticity. The protection of geographical indications was highlighted as a concrete gain, with products such as Parmigiano Reggiano expected to benefit from stronger recognition and protection in Mercosur markets. Agricultural sensitivities were also openly discussed, particularly concerning beef imports, with the Commission underlining that monitoring tools and safeguard measures are intended to mitigate risks for vulnerable European sectors. The discussion also briefly addressed Mercosur’s evolving political composition, including Bolivia’s prospective accession and Venezuela’s continued suspension, both of which may shape future developments.

Conclusions

The discussion framed the EU-Mercosur Agreement as a strategic attempt to combine economic opportunity with geopolitical positioning, offering new openings for European businesses while seeking to preserve the regulatory safeguards and market protections that remain central to the EU’s trade approach.

• • The EU-Mercosur Agreement is being positioned as both a commercial opportunity and a
    strategic instrument to strengthen Europe’s presence in Latin America.

• • For Italian businesses, the most immediate potential benefits lie in improved market access,
    reduced administrative barriers, and stronger protection for high-value branded products.

• • Real commercial gains will depend on companies’ ability to navigate technical implementation issues, particularly rules of origin and product-specific compliance requirements.

• • While sensitivities remain in agriculture, the Commission’s message was that regulatory
    protections and monitoring mechanisms are designed to ensure that market opening does not come at the expense of EU standards or vulnerable sectors.

Tax Reduction in Madrid: Inheritances and Donations

Since 2019, the Community of Madrid has continued with tax reductions in all kinds of areas such as personal income tax (IRPF), rentals, and, once again, the Inheritance and Gift Tax (ISD). A total of 32 reductions, which places the Spanish capital as a leader in the Autonomous Fiscal Competitiveness Index in Spain (an independent index prepared by the Foundation for the Advancement of Liberty and the US Tax Foundation).

As part of the taxes ceded by the State, the Autonomous Community of Madrid has approved that, starting from July 1, 2025, when the law comes into force, gifts and inheritances between nephews/nieces and uncles/aunts (Group III) will see their ISD bonus increase from 25% to 50%. This regulation, in addition to increasing the tax bonus, also simplifies the requirements for accessing these benefits.

MAIN NOVELTIES

1. Extension of Bonuses.

The new regulation raises the bonus on the ISD tax liability to 50% for taxpayers in kinship group III, which includes:

• Second and third-degree collateral relatives by blood (brothers/sisters, uncles/aunts, and nephews/nieces)
• Second and third-degree collateral relatives by affinity (brothers-in-law/sisters-in-law, uncles/aunts by marriage, and nephews/nieces by marriage)
• Ascendants and descendants by affinity (parents-in-law, sons-in-law, and daughters-in-law)

Both mortis causa acquisitions (inheritances) and inter vivos acquisitions (gifts) receive this bonus, which was previously 25%. Although it is still far from the 99% bonus maintained by groups I and II (parents, children, and spouses).

2. 100% Bonuses for Small Gifts.

The tax liability on gifts of up to 1,000 euros, regardless of the degree of kinship, receives a total bonus on the tax liability. However, this bonus can only be applied once every 3 years between the same donor and donee.

Furthermore, the submission of self-assessment will not be mandatory when the donated asset does not require registration.

3. Formal Simplification.

From July 1, the requirements regarding public documents are made more flexible:

1. It will only be mandatory when the taxable base of the gift exceeds 10,000 euros (provided by the law does not require it for its validity).
2. Gifts made in a private document can be elevated to a public document within a voluntary self-assessment period without losing the tax benefit.

DISCLAIMER: This document has been prepared for internal professional development purposes only. It is also exceptionally addressed, as a courtesy, to a circle of selected contacts for information purposes. Reproduction and distribution to third parties is prohibited. It cannot under any circumstances be considered as legal, fiscal, accounting or any other kind of professional opinion. GA-Alliance is at disposal for any further information and/or request and/or clarification.

IL PIANO DELLA SPAGNA PER INCENTIVARE IL RISPARMIO E GLI INVESTIMENTI

La CNMV (Commissione Nazionale del Mercato dei Valori) ha evidenziato la necessità di rendere i conti di risparmio europei più attraenti sia dal punto di vista fiscale che operativo. L’obiettivo è offrire vantaggi fiscali per incentivare gli investimenti a lungo termine e indirizzare i risparmi verso settori chiave come la digitalizzazione e la sostenibilità.

La Spagna, insieme ad altri Paesi europei, sta promuovendo un Laboratorio per la Competitività con l’obiettivo di istituire un’etichetta per i prodotti d’investimento che offrano benefici fiscali. Tuttavia, poiché la tassazione è una competenza nazionale, la Commissione Europea può solo avanzare proposte o raccomandazioni.

La CNMV sottolinea anche l’importanza di migliorare l’educazione finanziaria, affinché i cittadini possano accedere a opzioni di investimento più redditizie rispetto ai tradizionali depositi bancari. Inoltre, sono in fase di preparazione misure per rafforzare i mercati dei capitali e ridurre gli oneri per i gestori di fondi.

In tal senso, Inverco e la CNMV hanno unito le forze per attuare le principali proposte europee e dell’OCSE in materia di fondi e pensioni, accogliendo con favore ulteriori incentivi fiscali. Se n’è discusso in occasione dell’Assemblea Generale 2025 di Inverco, tenutasi a Madrid dal 4 al 6 giugno 2025, in particolare su come stimolare il risparmio e gli investimenti in fondi e pensioni.

A livello nazionale, un elemento chiave sarebbe il mantenimento dell’attuale quadro normativo per i fondi, affiancato da ulteriori vantaggi fiscali per attrarre nuovi flussi di investimento. A livello europeo, le prossime misure dovrebbero puntare a eliminare le barriere nazionali alla commercializzazione transfrontaliera dei fondi.

Inoltre, un rapporto dell’OCSE raccomanda di adottare misure come il rafforzamento dei piani pensionistici aziendali e individuali, valutando anche questioni controverse come la rimozione della soglia dei dieci anni per l’accesso alla liquidità nei veicoli pensionistici.

Fonti:

1. Ángel Alonso, Madrid, 04-06-2025 “la CNMV insiste en que las cuentas de ahorro europeas sean ‘fiscalmente atractivas y sencillas operativamente’”
2. Funds Society, 04-06-2025 “Inverco y la CNMV suman fuerzas para materializar las propuestas marcadas por Europa y la OCDE en fondos y pensiones, y dan la bienvenida a incentivos fiscales añadidos.”