EU and Mercosur Sign Landmark Free Trade Agreement After 25 Years of Negotiations
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Summary
The European Union and Mercosur (Argentina, Brazil, Paraguay, Uruguay) have signed a landmark free trade agreement after 25 years of negotiations, creating one of the world's largest free trade zones. The deal eliminates over 90% of tariffs between the two blocs, with some reductions phased in over 10-15 years. European Commission President Ursula von der Leyen called it a "geopolitical victory" and emphasized cooperation over tariffs. The agreement was signed despite opposition from some European farmers concerned about competition.
Key quotes
· 4 pulledThe 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.
With this win-win partnership, we both stand to gain – economically, diplomatically and geo
The agreement took 25 years to negotiate and will create one of the world's largest free trade zones.
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