EU and Mercosur finalize major trade deal after 25 years of negotiations

The European Union has finalized a major free trade agreement with the Mercosur bloc, which includes Brazil, Argentina, and three other South American nations. This deal, after 25 years of negotiations, aims to create one of the world's largest free trade zones. The agreement could save businesses about $4.26 billion annually by removing tariffs on various products. However, it faces opposition from France and other countries concerned about competition for local farmers and environmental impacts. The deal must still be ratified by EU member states and the European Parliament. Recent political changes in South America have revived interest in the deal, with leaders expressing optimism. However, past trade agreements have faced lengthy ratification processes, leading to skepticism about the deal's future.