"TheEuropean Unionand South American blocMercosurwill sign a long-delayed free trade agreement on Saturday in Asuncion, Paraguay, creating one of theworld's largest free trade zones. The pact, 25 years in the making, will eliminate tariffs on more than 90% of bilateral trade between the EU and Mercosur members Argentina, Brazil, Paraguay and Uruguay. Together, the blocs account for about 30% of global GDP and more than 700 million consumers."
"President of the European CommissionUrsula von der Leyenand European Council President Antonio Costa are due to attend the signing ceremony, alongside regional leaders. "And this is how we create real prosperity prosperity that is shared. Because, we agree, that international trade is not a zero-sum game," von der Leyen said on Friday. Brazil's President Luiz Inacio Lula da Silva, a key backer of the deal, will not attend but has praised the agreement calling it historic and a boost for multilateralism."
A long-delayed free trade agreement between the European Union and Mercosur will be signed in Asuncion, Paraguay after 25 years of negotiation, creating one of the world's largest free trade zones. The pact will eliminate tariffs on more than 90% of bilateral trade between the EU and Mercosur members Argentina, Brazil, Paraguay and Uruguay. The two blocs together represent about 30% of global GDP and over 700 million consumers. European leaders including Ursula von der Leyen and Antonio Costa are due to attend. The deal aims to boost EU exports like cars, wine and cheese and open South American markets for beef and soybeans, but faces opposition from some European farmers concerned about cheap imports and potential deforestation; several EU members voted against it and Bolivia could join in the future.
Read at www.dw.com
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