"Talks on a landmark free trade deal between the European Union and four South American countries started so long ago that the euro wasn't even in circulation, China hadn't yet joined the World Trade Organization and Venezuela was still America's top oil provider. But against a starkly different geopolitical background and tough odds - including backlash from powerful protectionist lobbies - the EU and the South American alliance known as Mercosur are expected to formally sign their quarter-century-in-the-making trade pact this Saturday at a ceremony"
"This is the first major trade agreement for Mercosur, which includes the region's two biggest economies, Brazil and Argentina, along with Paraguay and Uruguay. Bolivia, the newest member, was not involved in negotiations but can join the agreement in the coming years. The trans-Atlantic trade deal - lifting tariffs on products ranging from Argentine steaks and Brazilian copper to German cars and Italian wine - still has to be ratified by the European Parliament."
Negotiations for a landmark free-trade pact between the European Union and Mercosur began more than 25 years ago under very different global conditions. The agreement, expected to be signed in Paraguay, covers Brazil, Argentina, Paraguay and Uruguay, with Bolivia eligible to join later. The deal eliminates tariffs on many goods, from Argentine beef and Brazilian copper to German cars and Italian wine, and must still be ratified by the European Parliament. The pact creates one of the largest free-trade zones by population and GDP and signals a commitment to multilateral economic cooperation amid shifting global influence.
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