European Commission finalizes trade deal with Mercosur after 25 years of talks

The European Commission has finalized a trade agreement with the Mercosur bloc after 25 years of negotiations. This deal aims to remove over 90% of tariffs on goods exchanged between the EU and South America, potentially saving EU exporters more than €4 billion annually. The agreement connects over 700 million people across Europe and South America. However, it faces opposition from various groups, including farmers in the EU who fear competition from cheaper South American products and environmentalists concerned about deforestation. Ratification is still needed from both sides, and the deal could be blocked due to differing opinions within the EU. France, Poland, and Italy have expressed concerns, while Germany and Spain support the agreement.