After 25 years of negotiations, the European Union (EU) and the Mercosur trading bloc, comprised of Brazil, Argentina, Paraguay, and Uruguay, reached a free trade agreement. The deal, finalized in Brussels, now awaits approval from the European Parliament in the coming months.
The agreement was hailed by Brazil's President Luiz Inacio Lula da Silva as a "historic day for multilateralism." The EU anticipates the agreement will stimulate economic growth and benefit consumers.
However, the agreement has faced opposition, particularly from European farmers who fear increased competition from cheaper imports from South America. Farmers voiced their concerns publicly, including demonstrations in Paris.
The agreement arrives amidst a backdrop of rising global protectionism and is viewed by some as a victory for multilateral trade. According to reports, the agreement's final details were settled after extensive discussions in Brussels.
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