European Union and Mercosur bloc sign landmark free trade agreement
PBS • • world
Key Points:
- The European Union and Mercosur, a South American trade bloc, formally signed a landmark free trade agreement after over 25 years of negotiations, creating one of the world's largest free trade zones covering more than 700 million consumers.
- The deal aims to reduce tariffs by over 90%, boosting trade between Europe and South America, and serves as a geopolitical statement against rising protectionism, particularly in the context of U.S. trade tensions and China's growing influence.
- Key Mercosur members include Argentina, Brazil, Paraguay, and Uruguay, with Bolivia eligible to join later; Venezuela remains suspended and excluded from the agreement.
- The EU made significant concessions to protect its farmers, including environmental regulations, quotas, and subsidies, but some European countries like France remain
