EU to ink long-awaited trade deal with South American bloc

"The European Union will on Saturday sign a deal 25 years in the making with the South American trade bloc Mercosur, creating one of the world's largest free trade areas at a time of growing protectionism and volatility. The long-awaited agreement comes amid the sweeping use of tariffs and trade threats by US President Donald Trump's administration, which has sent countries scrambling for new partnerships."

"Together, the EU and Mercosur account for 30 percent of global GDP and more than 700 million consumers. The treaty eliminates tariffs on more than 90 percent of bilateral trade. The deal will favor European exports of cars, wine and cheese, while making it easier for South American beef, poultry, sugar, rice, honey and soybeans to enter Europe. The treaty between the EU and Mercosur nations Argentina, Brazil, Paraguay and Uruguay was agreed in Brussels last week despite fierce opposition from European farmers."

EU and Mercosur will sign a trade deal after 25 years of negotiation, creating one of the world's largest free trade areas and removing tariffs on more than 90% of bilateral trade. The bloc pairing represents about 30% of global GDP and over 700 million consumers. The pact favors European exports such as cars, wine and cheese while easing access for South American beef, poultry, sugar, rice, honey and soybeans into Europe. European farmers express fierce opposition over production standards and cheaper imports. Some South American industries fear job losses, including an estimated 200,000 automotive jobs in Argentina. Senior EU and Mercosur officials will attend the signing.

Read at The Local Germany