US EditionParaguay Becomes Final South American Country to Approve Mercosur-European Union Trade Deal
- 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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41 Articles
The Chamber of Deputies unanimously voted for the adoption of the trade agreement, and by ratifying it on Tuesday Paraguay became the last signatory to the South American bloc to do so.
As the last South American country involved, Paraguay has ratified the Mercosur Agreement with the European Union.
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.
This was the missing step for the text to become valid in Brazilian territory.
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