European and South American officials signed a major free trade agreement Saturday, creating one of the world's largest free trade areas after 25 years of negotiations. The deal, finalized between the 27-nation European Union and the South American Mercosur bloc – comprised of Argentina, Brazil, Paraguay, and Uruguay – aims to lower tariffs and increase trade between the two regions.
The agreement now requires the consent of the European Parliament and ratification by the legislatures of Mercosur member states. If approved, it would eliminate tariffs on a wide range of goods, from automobiles to agricultural products, potentially boosting economic growth in both regions.
European Commission President Ursula von der Leyen and Paraguay's President Santiago Pena marked the signing in Asuncion, Paraguay. The EU views the accord as its largest trade agreement to date, amidst growing global trade tensions and uncertainty surrounding international cooperation.
Negotiations for the EU-Mercosur trade agreement began in 1999 but faced numerous obstacles, including concerns over agricultural subsidies, environmental regulations, and human rights. European farmers, particularly in Ireland, have voiced strong opposition, fearing increased competition from South American agricultural imports. Conversely, Mercosur countries have sought greater access to European markets for their agricultural products and manufactured goods.
The agreement reflects a broader trend of nations seeking regional trade deals in response to stalled progress at the World Trade Organization and rising protectionism. It also underscores the EU's strategic interest in strengthening ties with Latin America as a counterweight to China's growing influence in the region.
The ratification process is expected to be complex and lengthy, with potential for further debate and revisions. The European Parliament will scrutinize the agreement's provisions on environmental protection, labor standards, and human rights before voting on its approval. The legislatures of Mercosur member states will also conduct their own reviews and ratifications.
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