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, requires approval from the European Parliament.

The agreement is viewed by proponents as a victory for multilateralism amid rising global protectionism. Brazil's President Luiz Inacio Lula da Silva hailed it as a "historic day for multilateralism." Supporters anticipate the deal will stimulate economic growth and provide benefits for 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 aims to foster economic cooperation between the two regions. While the specific details of the agreement were not available, it is expected to reduce trade barriers and tariffs.

The agreement now awaits ratification by the European Parliament. If approved, it would create one of the world's largest free trade areas.