US EditionPublished • loading... • Updated
European Union and Mercosur bloc of South American nations sign landmark free trade agreement
The EU-Mercosur deal eliminates over 90% of tariffs, creating a market of 700 million people worth $22 trillion, but faces ratification challenges due to farmer opposition.
- 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.
Insights by Ground AI
322 Articles
322 Articles
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
Read Full Article
The event was held in Asuncion, Paraguay
·Italy
Read Full Article
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
Read Full ArticleCoverage Details
Total News Sources322
Leaning Left35Leaning Right33Center63Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 27%
C 48%
R 25%
Factuality
To view factuality data please Upgrade to Premium
