EU, Mercosur ink trade agreement after twenty-five years
European Commission President Ursula von der Leyen and European Council President Antonio Costa attended the signing ceremony alongside representatives from Mercosur, which includes Argentina, Brazil, Paraguay, and Uruguay.
Addressing the ceremony, von der Leyen said: "Today in this room, we are signing an important document. It is basically the symbol of a new partnership between Mercosur and Europe." She highlighted that the agreement withstood changes in government and countless meetings over the years, and called it “the largest free trade zone in the world.”
Von der Leyen added: "This agreement sends a very strong message to the world. It reflects a clear and deliberate choice. We choose fair trade over tariffs. We choose a productive, long-term partnership over isolation, and above all, we intend to deliver real and tangible benefits to our people and our businesses," according to reports.
The deal was approved by EU member states last Friday after more than two decades of negotiations, with delays in December caused by farmer protests and opposition from countries including France, Ireland, Hungary, and Poland.
Under the agreement, tariffs on agricultural products such as beef, poultry, dairy, sugar, and ethanol will be reduced for Mercosur nations, while European industries will gain expanded access to South American markets, according to reports.
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