"The European Union and South American bloc Mercosur signed a long-delayed free trade agreement on Saturday in Asuncion, Paraguay, creating one of the world's largest free trade zones. European Commission President Ursula von der Leyen called the accord a geopolitical victory, stressing cooperation over tariffs. "With this win-win partnership, we both stand to gain economically, diplomatically and geopolitically. Our companies will create exports, growth and jobs," she said in her speech."
"The accord is expected to benefit EU exports such as cars, wine and cheese It will also provide access for South American agricultural products including beef and soybeans It faces opposition from some European farmers Opponents fear a surge of cheap imports of South American commodities and further deforestation The agreement must now gain the consent of the European Parliament. It also must be ratified by legislatures of Mercosur members Argentina, Brazil, Paraguay and Uruguay, which is expected to be a smoother process."
EU and Mercosur signed a long-delayed free trade agreement in Asuncion, Paraguay, creating one of the world's largest free-trade zones. The agreement cuts more than 90% of tariffs between the EU and Argentina, Brazil, Paraguay and Uruguay, with some tariff reductions phased in over 10 to 15 years. The deal aims to expand goods trade roughly evenly, valued at $128.8 billion in 2024. The EU is expected to benefit in exports such as cars, wine and cheese, while Mercosur gains access for beef and soybeans. The pact faces opposition from some EU member states and farmers over cheap imports and deforestation and requires ratification by the European Parliament and Mercosur legislatures.
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