"A majority of the European Union's 27 nations backed the pact at an ambassadors' meeting in Brussels, diplomatic sources told AFP, paving the way for it to be inked in Paraguay next week. More than 25 years in the making, supporters see the deal as crucial to boost exports, support the continent's ailing economy and foster diplomatic ties at a time of global uncertainty."
"The deal will create a vast market of more than 700 million people, making it one of the world's largest free trade areas. Part of a broader push to diversify trade in the face of US tariffs, it will bring the 27-nation EU closer together with Brazil, Paraguay, Argentina and Uruguay, removing import tariffs on more than 90 percent of products."
"This will save EU businesses four billion euros ($4.6 billion) worth of duties per year and help exports of vehicles, machinery, wines and spirits to Latin America, according to the EU. It will also help the bloc reduce its dependency on China for critical raw materials, said Agathe Demarais, of the European Council on Foreign Relations, a think tank."
EU ambassadors provided majority backing for an EU-Mercosur pact, enabling signature in Paraguay next week. The agreement, over 25 years in the making, aims to boost exports, support ailing European economies and strengthen diplomatic ties amid global uncertainty. Several member states including France, Ireland, Poland, Hungary and Austria opposed the accord, while Italy shifted to support after obtaining a prior delay. The deal will create a market exceeding 700 million people, eliminate import tariffs on over 90 percent of products, save EU businesses around four billion euros per year and help reduce dependence on China for critical raw materials.
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