EU and South America’s Mercosur bloc announce ‘win-win’ free trade deal
Al Jazeera
Agreement reached after more than 20 years of negotiations still faces backlash from some EU countries, such as France.
The European Union and South America’s Mercosur trade bloc have struck an agreement on a long-anticipated free trade deal, European Commission President Ursula von der Leyen has announced.
After negotiations spanning more than 20 years and five years on from an initial deal, von der Leyen and her Mercosur counterparts said a deal had been reached on Friday in Uruguay’s capital, Montevideo.
“This is a win-win agreement,” von der Leyen said during a news conference alongside the presidents of the main Mercosur nations, including Argentina and Brazil.
“This agreement is not just an economic opportunity. It is a political necessity,” she added. “I know that strong winds are coming in the opposite direction, towards isolation and fragmentation, but this agreement is our near response.”
The agreement aims to create one of the largest free trade zones in the world, covering more than 700 million people and nearly 25 percent of global gross domestic product.
