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European Union and Mercosur trade bloc announce free trade deal that's 25 years in the making

The European Union and the Mercosur trade bloc, comprising Argentina, Brazil, Paraguay, and Uruguay, have finalized a historic free trade agreement after 25 years of negotiations. This deal, announced on June 27, 2023, aims to eliminate tariffs on 91% of Mercosur's exports to the EU and 92% of EU exports to Mercosur, potentially boosting trade by up to €35 billion annually. The agreement also includes commitments to sustainable development, with specific measures to combat deforestation and promote environmental protection. However, the deal still requires ratification by the parliaments of all involved countries, and there are concerns from some EU nations about the environmental impact and competition from South American agricultural products. Additionally, the agreement has faced opposition from sectors like French farmers and environmental groups, who fear it might undermine local agriculture and environmental standards.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/european-union-and-mercosur-trade-bloc-announce-free-trade-deal-that-s-25-years-in-the-making/ar-AA1voi8M ]