"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. The agreement slashes more than 90% of tariffs between the EU and the Mercosur countries of Argentina, Brazil, Paraguay and Uruguay, though some cuts will be phased in over 10 to 15 years. European Commission President Ursula von der Leyen called the accord a geopolitical victory, stressing cooperation over tariffs."
"The trade deal would slash tariffs with the goal of expanding goods trade that is even split. In 2024, this trade was worth 111 billion ($128.8 billion). The deal includes the EU's 27 member countries, although Austria, France, Hungary, Ireland and Poland voted against it 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"
A free trade agreement between the European Union and Mercosur was signed in Asuncion, Paraguay, creating one of the world’s largest free trade zones. The accord cuts more than 90% of tariffs between the EU and Argentina, Brazil, Paraguay and Uruguay, with some reductions phased in over 10 to 15 years. The deal aims to expand bilateral goods trade worth $128.8 billion in 2024 and to benefit EU exports such as cars, wine and cheese while providing market access for South American beef and soybeans. The pact faces opposition from some European farmers concerned about cheap imports and deforestation and must be approved by the European Parliament and ratified by Mercosur legislatures. Brazil’s president Luiz Inacio Lula da Silva, a principal force behind the deal, did not attend the signing.
Read at www.dw.com
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