European Union and Mercosur bloc of South American nations sign landmark free trade agreement
Summary
The European Union and the Mercosur bloc of South American nations signed a historic free trade agreement in Asuncion, Paraguay, after more than 25 years of negotiations, aiming to eliminate over 90% of tariffs and strengthen economic ties amid global trade tensions.
Key Points
- The European Union and Mercosur bloc signed a landmark free trade agreement after more than 25 years of negotiations.
- The agreement aims to eliminate over 90% of tariffs between the regions, creating one of the world’s largest free trade zones.
- European Commission President Ursula von der Leyen framed the deal as a stand against protectionism and unilateral trade policies.
- The agreement still requires ratification by the European Parliament, with some opposition from European farmers and France.
- Argentine President Javier Milei, initially skeptical of Mercosur, expressed support for the free trade deal.
