According to a proposal from the European Commission, farmers will have faster access to funds in the next long-term EU budget. In total, this amounts to almost SEK 500 billion.
Commission President Ursula von der Leyen said in a statement that the budget changes for 2028-2034 provide "unprecedented levels of support for farmers."
The announcement is welcomed by Italy, whose government on Monday, according to Bloomberg, changed course and said it was ready to vote for the agreement.
"It is a positive and significant step forward," Prime Minister Giorgia Meloni said, according to AFP.
A vote on the agreement between the EU and South American countries such as Argentina and Brazil will be held by EU ambassadors on Friday, Bloomberg reports. This paves the way for the EU to sign the agreement on January 12, according to the news agency.
On Wednesday, EU agriculture ministers will meet to discuss the matter, according to AFP.
Negotiations between the EU and its counterparts on the agreement have been ongoing for 25 years.
