The European Union and South America's Mercosur bloc have reached a historic agreement on a long-delayed free trade deal, but the pact now faces fierce opposition in Europe, particularly from France.
The European Union and South America's Mercosur bloc have reached a historic agreement on a long-delayed free trade deal, marking a major step in global trade relations. However, the deal now faces significant hurdles for approval within the EU, with France leading the opposition.
French officials have branded the agreement "unacceptable," voicing concerns over imports of South American commodities like beef, which critics argue fail to meet the EU's stringent green and food safety standards. European farmers have also protested the deal, fearing it will undercut their markets with cheaper imports.
Meanwhile, countries like Germany and Spain have defended the agreement, emphasizing its importance in diversifying EU trade. Proponents argue the deal is critical in reducing reliance on China and compensating for the loss of the Russian market.
As the EU prepares to debate the deal, the pact faces a contentious path to ratification, reflecting stark divisions within the bloc over its trade priorities and environmental commitments.
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The UK, in coordination with the EU, has reduced the price cap on Russian crude oil from $60 to $47.6 per barrel to increase economic pressure on Moscow.
The European Union has approved a powerful new set of sanctions against Russia, banning imports from the Nord Stream pipelines and tightening limits on oil exports.
Hungarian Prime Minister Viktor Orban has sharply criticised the European Commission’s proposed budget, warning it could lead to the EU’s collapse.
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China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
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