European Union reaches agreement with Mercosur countries on new trade pact

The European Union (EU) has signed a landmark free trade agreement with the Mercosur bloc of South American nations. The agreement, which has been in negotiation for 25 years, aims to create the world’s largest free trade area.

The EU and Mercosur countries have agreed on a comprehensive trade deal that will eliminate tariffs and other trade barriers between the two parties. The deal is expected to boost economic growth and increase trade between the EU and South America.

The agreement was signed in Asunción, Paraguay, where Mercosur was first established in 1991. The signing of the deal marks a significant milestone in the relationship between the EU and Mercosur countries.

According to reports, the EU has been pushing for the signing of the trade deal since 2017, with US President Donald Trump reportedly playing a key role in encouraging the EU to move forward with negotiations.

The agreement is expected to have far-reaching implications for trade and economic cooperation between the EU and South America. The details of the deal are still being finalized, but it is expected to be implemented in phases over the coming years.

The signing of the trade deal has been welcomed by both parties, with officials from the EU and Mercosur countries expressing optimism about the potential benefits of the agreement.

Source: Google News World