The European Union and South America’s Mercosur trade bloc said Friday they had finalised a free trade agreement that has been decades in the making. But the deal faces a tortuous battle for approval in Europe given opposition from France and other member states.
The European Union and the Mercosur trade bloc have agreed to terms for a long-anticipated free trade deal, European Commission President Ursula von der Leyen announced in Montevideo on Friday.
The EU-Mercosur deal aims to create one of the largest free trade zones in the world, covering over 700 million people and nearly 25 percent of global GDP.
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Much like the U.S.-Mexico-Canada free trade agreement, its goal is to reduce tariffs and trade barriers, making it easier for businesses on both sides to export goods.
Mercosur comprises Brazil — the lion’s share of the bloc’s territory, economic output and population — along with Argentina, Paraguay, Uruguay and Bolivia, the newest member. Venezuela’s membership has been suspended indefinitely.
Mercosur deal in sight as EU chief von der Leyen pushes past French objections
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Source link : https://www.yahoo.com/news/eu-mercosur-trade-bloc-finalise-142519021.html
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Publish date : 2024-12-06 01:25:00
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