EU signs trade deal with South American nations to lower tariffs and boost trade

The European Union has signed a significant trade deal with Argentina, Brazil, Paraguay, and Uruguay, aiming to lower tariffs and simplify customs procedures. This agreement follows a previous deal from 2019 that was never ratified by all EU member states. If ratified, the deal will enhance trade between the two regions, benefiting European companies and providing easier access to essential raw materials like lithium and nickel. These materials are vital for electric vehicle batteries. However, some EU countries, including France and Poland, have raised concerns about competition and environmental standards. The challenge now is to secure ratification from all member states amid these reservations.