EU, Mercosur Ink Landmark Free Trade Deal
The accord targets tariff elimination and commerce expansion between both economic powerhouses and requires ratification from the European Parliament alongside legislative bodies in Mercosur nations Argentina, Brazil, Paraguay, and Uruguay.
High-ranking EU and Mercosur representatives attended the signing ceremony, including European Commission President Ursula von der Leyen and European Council President Antonio Costa, joined by foreign ministers from Argentina, Brazil, Paraguay, and Uruguay.
Paraguayan President Santiago Pena, whose nation currently chairs Mercosur, expressed gratitude to leadership from both coalitions, declaring Saturday "a truly historic day."
Von der Leyen characterized the agreement as transmitting "a very strong message" championing equitable commerce and sustained economic partnership.
"This agreement is a firm commitment to openness, exchange and cooperation, as opposed to isolationism, unilateralism and the use of trade as a geopolitical weapon," said Costa.
The framework encompasses over 700 million citizens across continents. The European Commission estimates the EU's most substantial trade arrangement to date will erase more than 4 billion euros ($4.65 billion) in annual duties on EU shipments. EU exports to Mercosur predominantly comprise machinery, chemical products, and transport equipment, while Mercosur outbound trade centers on agricultural commodities, minerals, and forestry resources.
Negotiations persisted roughly 25 years, repeatedly freezing and restarting amid evolving political alliances, conflicts over environmental protections in South America, and resistance from segments of Europe's agricultural industry.
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