EU, Mercosur Forge Historic Trade Agreement

(MENAFN) The European Union and South America's Mercosur alliance formalized a landmark commercial pact Saturday in Paraguay, concluding a quarter-century of turbulent negotiations that survived government upheavals, farmer revolts, and fierce internal opposition.

European Commission President Ursula von der Leyen and European Council President Antonio Costa attended the ceremonial signing alongside representatives from the Mercosur bloc—comprising Argentina, Brazil, Paraguay, and Uruguay.

"Today in this room, we are signing an important document. It is basically the symbol of a new partnership between Mercosur and Europe," von der Leyen declared while addressing the signing officials.

Acknowledging the accord's resilience through governmental transitions and countless diplomatic sessions, she emphasized they are "creating the largest free trade zone in the world."

"This agreement sends a very strong message to the world. It reflects a clear and deliberate choice. We choose fair trade over tariffs. We choose a productive, long-term partnership over isolation, and above all, we intend to deliver real and tangible benefits to our people and our businesses," von der Leyen further underscored.

EU member states granted approval last Friday following over two decades of negotiations and December setbacks triggered by agricultural sector demonstrations and resistance from France, Ireland, Hungary, and Poland.

The pact slashes tariffs on agricultural commodities—including beef, poultry, dairy, sugar, and ethanol—for Mercosur nations, while European manufacturers secure expanded entry into South American commercial markets.

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