EU and South America Finalize Landmark Trade Deal After 25 Years of Negotiations
Brussels – The European Union (EU) and the Mercosur trading bloc, comprised of Brazil, Argentina, Paraguay, and Uruguay, reached a free trade agreement after 25 years of negotiations. The deal, finalized in Brussels, is now awaiting approval from the European Parliament.
The agreement has been hailed as a victory for multilateralism amidst a backdrop of rising global protectionism. Brazil's President Luiz Inacio Lula da Silva celebrated the agreement as a "historic day for multilateralism."
Proponents of the deal emphasize its potential to stimulate economic growth and provide benefits to consumers. However, the agreement faces opposition, particularly from European farmers who are concerned about increased competition from cheaper imports. Farmers in several European countries have voiced their concerns.
The EU-Mercosur trade agreement requires the approval of the European Parliament within the next few months.
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