EU and Mercosur Sign Free Trade Agreement

European and South American leaders have signed a landmark free trade agreement, establishing one of the world’s largest trade areas after 25 years of negotiations. The deal, which aims to reduce tariffs and enhance trade, requires approval from the European Parliament and the legislatures of Mercosur members. EU chief Ursula Von der Leyen emphasized the pact’s role in promoting fair trade amid global protectionism. While it faces opposition from some farmers and environmentalists, the agreement is expected to benefit both regions economically by eliminating tariffs on over 90% of bilateral trade.

Want More Context? 🔎