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European Union and Mercosur bloc of South American nations sign landmark free trade agreement
The pact creates one of the world’s largest free trade zones, removing tariffs on over 90% of trade and linking markets of more than 700 million consumers, EU officials said.
- At a ceremony in Asuncion, representatives of the EU and Mercosur formally signed a free-trade agreement after more than 25 years of negotiations on Jan 17.
- Framed against rising protectionism and US tariffs, the deal defends free trade, multilateralism and international law, Antonio Costa, European Council head, said, contrasting with trade as a geopolitical weapon.
- Implementation hinges on approval by the European Parliament and ratification by each Mercosur nation, while some tariffs phase out over 10-15 years with beef quotas and safeguards.
- The pact would cover about 30 per cent of global GDP and link markets of more than 700 million consumers, expected to come into force by the end of 2026 if ratified.
- Powerful protectionist lobbies, especially European farmers, could still block ratification, with France opposed and Italy accepting the deal earlier this month after quotas, safeguards, and subsidies.
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European Union and Mercosur bloc sign landmark free trade agreement
The EU and the Mercosur bloc of South American countries formally signed a long-sought landmark free trade agreement on Saturday, capping more than 25 years of negotiations to strengthen commercial ties in the face of rising protectionism and global trade tensions.
·Washington, United States
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The event was held in Asuncion, Paraguay
·Italy
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EU and Mercosur bloc of South American nations sign trade deal to end quarter-century of talks, just as Trump hits Europe with new tariffs
“It reflects a clear and deliberate choice: We choose fair trade over tariffs. We choose a productive long-term partnership over isolation.”
·New York, United States
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The transatlantic pact was initialled in the same venue where the South American bloc was born in 1991
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Total News Sources305
Leaning Left33Leaning Right33Center60Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 26%
C 48%
R 26%
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