EU and Mercosur finalize major free trade agreement after 25 years of negotiations

The European Union has reached a significant free trade agreement with the Mercosur bloc, which includes Brazil, Argentina, Uruguay, Paraguay, and Bolivia. This deal, after 25 years of negotiations, could create one of the world's largest free trade zones, covering 780 million people. If ratified, the agreement would eliminate tariffs on various products, potentially saving businesses over $4 billion annually. However, it faces opposition from countries like France, which demand more protections for local farmers and environmental standards. The deal marks a major milestone for Mercosur, which has struggled to finalize trade agreements in the past. While leaders celebrate the progress, concerns remain about the lengthy ratification process and potential challenges ahead.