The European Union and South American economic bloc Mercosur reached a political agreement for a huge trade deal after 20 years of negotiations.
This agreement will consolidate a strategic political and economic partnership and create significant opportunities for sustainable growth on both sides, while respecting the environment and preserving interests of EU consumers and sensitive economic sectors.
Mercosur consists of Argentina, Brazil, Uruguay and Paraguay.
The deal aims to cut or remove trade tariffs, making imported products cheaper for consumers while also boosting exports for companies on both sides.
The two parties began negotiating in 1999 but talks accelerated after US President Donald Trump’s election in 2016. As a result EU-US talks were frozen.
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