The European Union has finalized a free trade agreement with the Mercosur trading bloc, which includes Brazil, Argentina, Paraguay, and Uruguay. This agreement concludes 25 years of negotiations.
Key Details
The deal requires approval from the European Parliament in the upcoming months.
Reactions and Statements
Brazil's President Luiz Inacio Lula da Silva characterized the agreement as a "historic day for multilateralism," noting its signal in favor of international trade as an economic growth driver amidst global protectionism. EU Commission President Ursula von der Leyen described the deal as a "win-win" that will bring "meaningful benefits to consumers and businesses, on both sides."
Opposition
Farmers in several European nations, including France and Belgium, staged protests against the agreement. Critics have voiced concerns that the deal could lead to cheaper imports of products such as beef, poultry, and sugar, potentially undercutting European farmers.