"The deal, which comes as Brussels seeks new markets to offset US tariffs and reduce reliance on China for critical minerals, will open free trade with four South American countries. European Union ambassadors have given a provisional nod to the bloc's largest-ever agreement in terms of erased tariffs, opening the way to free trade with the Mercosur group of South American countries."
"The European Commission, which concluded negotiations on the agreement a year ago, argues it is a vital part of a push to unlock new markets to offset business lost to US tariffs, and to reduce reliance on China by securing access to critical minerals. Major member states, including Germany and Spain, agree. However, opponents led by France, the EU's largest agricultural producer, have fought the agreement, warning it will jack up imports of cheap food products, including beef, poultry and sugar, undercutting domestic farmers."
European Union ambassadors provisionally approved the bloc's largest tariff-erasing agreement, opening free trade with Mercosur members Argentina, Brazil, Paraguay and Uruguay after 25 years of negotiations. The European Commission concluded negotiations a year ago; the agreement aims to unlock new markets, offset business lost to US tariffs and reduce reliance on China by securing access to critical minerals. Major member states including Germany and Spain support the deal. Opponents led by France warn of increased imports of cheaper beef, poultry and sugar that could undercut domestic farmers. Farmers have protested across the EU, and final approval requires written confirmations and European Parliament consent.
Read at www.aljazeera.com
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