EU and Mercosur countries sign landmark free trade deal
DW.com • • world
Key Points:
- The European Union and South American bloc Mercosur signed a long-delayed free trade agreement in Asuncion, Paraguay, creating one of the world's largest free trade zones by cutting over 90% of tariffs between the EU and Mercosur countries Argentina, Brazil, Paraguay, and Uruguay.
- The deal aims to boost trade worth €111 billion in 2024 by expanding exports of EU goods like cars, wine, and cheese, while providing Mercosur access for agricultural products such as beef and soybeans, although some tariff cuts will be phased in over 10 to 15 years.
- The agreement faces opposition from some European farmers concerned about cheap South American imports and deforestation, and it still requires approval from the European Parliament and ratification by
