Ireland’s EU Commissioner Michael McGrath has said says he "regrets" the decision by the European Parliament to refer the EU-Mercosur trade agreement to the European Court of Justice.

Last week, a majority of MEPs at the European Parliament voted by a tight margin in favour of a motion to seek legal advice from Europe's top court.

The court is being asked to consider if the EU Mercosur Partnership Agreement and Interim Trade Agreement are compliant with the Treaties of the EU.

This effectively delays the formal ratification of the deal until the legal advice is provided, with some sources stating that it could take 18-24 months.

Mercosur

Commissioner Michael McGrath said the Mercosur agreement is in the interests of Ireland and the EU, particularly at a time of geopolitical uncertainty.

"I respect but regret the decision of the European Parliament to send the Mercosur agreement to the court of justice, because we believe in the commission that these questions of compliance of such trade agreements with the EU treaties has already been considered and dealt with," he told EU News Radio.

The European Commission does have the legal framework to provisionally apply the terms of the trade deal while the legal advice is being sought.

However, the commissioner confirmed that "no decision has been made in relation to the possible provisional application of the Mercosur agreement".

"It doesn't arise at this time, in any event, because the Mercosur countries themselves have their own internal ratification procedures that they need to fulfill, and the commission president Ursula von der Leyen has indicated that once that work is done, then this matter will be re-examined," he said.

Commissioner

Commissioner McGrath added that he hopes "in the fullness of time that it [the EU-Mercosur trade agreement] is fully implemented".

"I am certain it is in the interest of Ireland and of the wider European Union, because trade is our lifeblood. It helps to sustain millions of jobs in the European Union.

"At a time of heightened uncertainty and volatility in some of our other trading partners, we have to diversify and seek new opportunities around the world, and creating a market of over 700 million people between the EU and democracy countries is a fantastic opportunity that we shouldn't pass up," he said.