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

abcnews.go.com

The European Union and the Mercosur trade bloc have reached an agreement on a free trade deal, announced by European Commission President Ursula von der Leyen in Montevideo. This deal has been in negotiation for 25 years. The agreement aims to create one of the largest free trade zones globally, impacting over 700 million people and nearly 25% of the world's GDP. It seeks to lower tariffs and trade barriers for easier exports. However, the deal still faces challenges. France and other EU member countries have objections, and all 27 EU nations must approve the agreement for it to take effect.


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