US EditionParaguay becomes final South American country to approve Mercosur-European Union trade deal
Paraguay's ratification completes Mercosur's South American approval of the deal negotiated for 25 years, covering 700 million people and 25% of global GDP.
- In a unanimous vote on Tuesday, Paraguay's lower house approved the Mercosur-EU trade deal with 58 deputies present, sending it to President Santiago Peña for signature.
- Earlier, Paraguay's Senate unanimously ratified the alliance in early March before the Chamber of Deputies completed the ratification, finalizing South American accession after Uruguay and Argentina.
- The European Commission said it will provisionally ratify the deal despite a pending legal challenge at the European Court of Justice, with European Commission President Ursula von der Leyen and Brazilian President Luiz Inácio Lula da Silva driving the agreement.
- If implemented, the deal negotiated over a quarter century would create a free-trade zone covering more than 700 million people and 25% of global gross domestic product, but France, left-wing groups and farmers' unions warn it could destabilize European agriculture.
- Pending legal rulings, the European Parliament will vote again if the European Court of Justice rules the accord does not breach EU treaties, and Bolivia may join in the coming years.
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13 Articles
Historic Free Trade Zone Ratified: Uniting Mercosur and the EU
Paraguay becomes the last Mercosur nation to ratify the free trade pact with the EU, creating a major global trade zone. The agreement, negotiated over 25 years, awaited President Peña's signature. The EU provisionally ratifies it amid European opposition claiming potential agricultural disruption.
Associated Press News
Paraguay becomes final South American country to approve Mercosur-European Union trade deal
Paraguay has ratified the Mercosur and European Union free trade deal to complete South America’s approval of a huge new trade zone.
The approval of the trade agreement between Mercosur and the European Union (EU) was completed in the South American bloc after Paraguay ratified the treaty, the last step after more than 25 years of negotiations, paving the way for its provisional application while the pact awaits final ratification by the European Parliament.
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