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European Union and Mercosur bloc of South American nations sign landmark free trade agreement
The pact eliminates tariffs on over 90% of trade between the EU and Mercosur, covering 700 million people and signaling a geopolitical shift amid rising global protectionism.
- 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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Original news Von der Leyen signs the agreement with the South American Countries For Italy the potential export may exceed 16 billion
·Italy
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The pact confronts the agricultural and industrial interests of the European bloc
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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Coverage Details
Total News Sources345
Leaning Left37Leaning Right37Center64Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 27%
C 46%
R 27%
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