"The agreement will eliminate tariffs on more than 90 percent of bilateral trade and will favour European exports of cars, wine and cheese, while making it easier for South American beef, poultry, sugar, rice, honey and soya beans to reach Europe."
"This is good news for EU businesses of all sizes, good news for our consumers and good news for our farmers, who will gain valuable new export opportunities, with full protection for sensitive sectors."
"Brazil's President, Luiz Inacio Lula da Silva, a main supporter of the agreement, signed a decree validating the deal in his country, responding to unilateral tariffs imposed last year by US President Donald Trump."
The EU and Mercosur trade deal has provisionally taken effect after 25 years of negotiations, creating one of the largest free trade areas globally. It encompasses 720 million consumers and is valued at $22 trillion. The agreement aims to eliminate tariffs on over 90% of bilateral trade, benefiting European exports and facilitating South American agricultural products' access to Europe. However, the deal faces challenges from the EU's judiciary, which could halt its implementation if ruled against.
Read at www.aljazeera.com
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