Top officials from the EU and the South American group Mercosur signed a free trade agreement in Paraguay, marking the European Union’s largest trade deal after 25 years of talks. The agreement aims to reduce tariffs and enhance trade between the EU and Mercosur, but it still needs approval from the European Parliament and ratification by the national legislatures of Argentina, Brazil, Paraguay, and Uruguay.
Key leaders at the signing included European Commission President Ursula von der Leyen and European Council President Antonio Costa, alongside leaders from Mercosur, except Brazilian President Luiz Inacio Lula da Silva. Concerns from European farmers and environmental groups about cheaper imports and potential deforestation have been raised, despite the deal receiving general support from most European nations.
With information from Reuters
