Europe and Latin America Launch Landmark Transatlantic Free Trade Zone
After nearly 25 years of negotiations, the European Union and the Mercosur bloc are set to sign a historic free trade agreement that creates one of the world’s largest transatlantic economic zones.
European Commission President Ursula von der Leyen and European Council President António Costa will attend the ceremony in Asunción, stressing that the deal will benefit more than 700 million consumers and expand access to goods and services on both sides.
The combined GDP of the two blocs reaches about 22 trillion dollars, positioning the partnership as a major pillar in global trade diversification beyond US-China rivalry.
Brussels says the agreement will strengthen Europe’s economic sovereignty and boost exports of vehicles, machinery and beverages, while Mercosur members gain greater entry for beef, soybeans, sugar and rice.
Despite resistance from some EU members and farming sectors, officials describe the pact as a strategic bridge toward shared prosperity and an answer to rising protectionism.
The accord still requires approval from the European Parliament before taking effect.
European Commission President Ursula von der Leyen and European Council President António Costa will attend the ceremony in Asunción, stressing that the deal will benefit more than 700 million consumers and expand access to goods and services on both sides.
The combined GDP of the two blocs reaches about 22 trillion dollars, positioning the partnership as a major pillar in global trade diversification beyond US-China rivalry.
Brussels says the agreement will strengthen Europe’s economic sovereignty and boost exports of vehicles, machinery and beverages, while Mercosur members gain greater entry for beef, soybeans, sugar and rice.
Despite resistance from some EU members and farming sectors, officials describe the pact as a strategic bridge toward shared prosperity and an answer to rising protectionism.
The accord still requires approval from the European Parliament before taking effect.
