The European Union and South American bloc Mercosur have signed a long-awaited free trade agreement in Paraguay, opening the way for what would become the EU’s largest-ever trade deal.
Top officials from both blocs signed the agreement on Saturday (16 January) in Asunción, following 25 years of negotiations. The pact now requires approval from the European Parliament and ratification by the national legislatures of Argentina, Brazil, Paraguay and Uruguay.
European Commission President Ursula von der Leyen and European Council President António Costa attended the signing ceremony alongside the presidents of Mercosur member states. Brazilian President Luiz Inácio Lula da Silva did not attend, sending his foreign minister instead.
The agreement aims to lower tariffs and expand trade between the two regions, which together represent a market of around 700 million people. Trade between the EU and Mercosur reached 111 billion euros in 2024, with EU exports dominated by machinery, chemicals and transport equipment, while Mercosur exports largely consist of agricultural products, minerals, wood pulp and paper.
The deal cleared a key hurdle last week after gaining backing from most EU member states, despite opposition from some European farmers and environmental groups, who warn of increased imports of low-cost agricultural goods and a potential rise in deforestation.
Speaking after the signing, von der Leyen said the agreement would create the largest free trade zone in the world, describing it as a choice in favour of cooperation over protectionism.
Costa said the pact would help both blocs navigate growing global uncertainty while strengthening economic security.
Mercosur officials have previously raised concerns over certain regulatory aspects of the agreement. However, Lula said on Friday (15 January) that the deal would unlock new opportunities and stimulate trade and investment on both sides.
Brazil’s government said the agreement reflects efforts to diversify export markets, noting that the country is also pursuing trade talks with the United Arab Emirates, Canada and Vietnam, while expanding a tariff-preference pact with India.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parl...
Ukrainian drone strikes reportedly hit an oil depot in Ust-Labinsk and a military site near St. Petersburg, causing a fire but no casualties, accordin...
In a workshop surrounded by the wreckage of war, workers in Gaza are giving a second life to small leisure boats once used for family outings and swim...
Five Azerbaijani crew members were killed, and three others were injured after two cargo vessels were hit in a drone attack in the Sea of Azov, Azerba...
The United States has approved the possible sale of five Seahawk maritime helicopters to New Zealand in a deal valued at $1.5 billion, as Wellington m...
For decades, the factory taught the battlefield. Ukraine is now reversing the lesson.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
Ukrainian drone strikes reportedly hit an oil depot in Ust-Labinsk and a military site near St. Petersburg, causing a fire but no casualties, according to local Russian authorities.
In a workshop surrounded by the wreckage of war, workers in Gaza are giving a second life to small leisure boats once used for family outings and swimming trips.
Five Azerbaijani crew members were killed, and three others were injured after two cargo vessels were hit in a drone attack in the Sea of Azov, Azerbaijan's Foreign Ministry said on Friday, as Russia blamed Ukraine for the strike.
More than 6,000 people gathered outside a vote-counting centre in Seoul on Friday night, demanding this week’s local elections be repeated after ballot shortages left some voters unable to cast their ballots.
The new AnewZ documentary, TARGET: Yerevan, builds its explosive case on exclusive, secret recordings originally published by Minval Politika.
Azerbaijan has strongly rejected allegations published by CNN claiming that its territory was used for Israeli military and intelligence operations against Iran, describing the report as entirely baseless and demanding a retraction.
Armenia’s National Assembly election on 7 June is increasingly being viewed not only as a domestic political contest, but also as a vote that could shape the future direction of the South Caucasus.
People across Gaza are facing a worsening humanitarian crisis, with millions struggling to access food, clean water, shelter and medical care as the conflict continues.
Ukrainian drone strikes reportedly hit an oil depot in Ust-Labinsk and a military site near St. Petersburg, causing a fire but no casualties, according to local Russian authorities.
The United States has approved the possible sale of five Seahawk maritime helicopters to New Zealand in a deal valued at $1.5 billion, as Wellington moves to strengthen its armed forces.
The United States has announced an additional $38 million to support efforts to contain the Ebola outbreak in the Democratic Republic of Congo, as health officials warn that the virus could spread further without stronger action.
More than 6,000 people gathered outside a vote-counting centre in Seoul on Friday night, demanding this week’s local elections be repeated after ballot shortages left some voters unable to cast their ballots.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment