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, finalized a free trade agreement after 25 years of negotiations. The deal, announced recently in Brussels, is hailed as a victory for multilateralism amidst rising global protectionism.
Brazil's President Luiz Inacio Lula da Silva celebrated the agreement as a "historic day for multilateralism." The agreement aims to foster economic growth and provide benefits to consumers.
The agreement still requires approval from the European Parliament in the coming months. While proponents emphasize the potential for economic growth and consumer benefits, the deal faces opposition, particularly from European farmers. Concerns have been raised about increased competition from cheaper imports from South America. Farmers opposing the deal previously demonstrated their feelings in Paris.
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