US EditionEuropean Union and Mercosur bloc of South American nations sign landmark free trade agreement
- 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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EU, South American bloc sign trade agreement
ASUNCIÓN, Paraguay — The European Union and the Mercosur bloc of South American countries formally signed a long-sought landmark free trade agreement Saturday, capping more than a quarter -century of negotiations to strengthen commercial ties amid rising protectionism and trade…
The Latin American Mercosur countries and the European Union signed, on Saturday 17 January, a treaty creating one of the largest free trade zones in the world. Although this agreement is far from unanimous in France, one sector is still delighted.
Original news Von der Leyen signs the agreement with the South American Countries For Italy the potential export may exceed 16 billion
The pact confronts the agricultural and industrial interests of the European bloc
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