EU and Mercosur finalize long-awaited free trade agreement after 25 years of negotiations

The European Union has finalized a free trade agreement with the Mercosur bloc, which includes Brazil, Argentina, Uruguay, Paraguay, and Bolivia. This deal, 25 years in the making, aims to create one of the world's largest free trade zones. The agreement is expected to benefit European manufacturers and South American farmers by reducing tariffs and simplifying trade processes. However, it faces opposition from some EU countries, particularly France, due to concerns over agricultural competition and environmental impacts. Ratification by all 27 EU member states is required for the deal to take effect, a process that may take years. While some lawmakers support the agreement, skepticism remains about its final approval, given past trade negotiations.