EU and Mercosur seal historic trade deal
politico.eu • • world
Key Points:
- The European Union and Mercosur bloc signed a major free-trade agreement in Asunción, Paraguay, concluding over 25 years of negotiations and political challenges.
- The deal was endorsed by EU member states despite opposition from France, Poland, Austria, Ireland, and Hungary, with Belgium abstaining; ratification by the European Parliament and national legislatures is still required.
- If ratified, the agreement will create a free-trade area covering more than 700 million people, eliminating over 90% of tariffs on EU exports and opening new markets for European industrial products.
- Mercosur countries will gain increased access to the EU market for agricultural goods under strict quotas to protect sensitive European sectors such as beef and poultry.
- EU
