After 25 Years, EU and Mercosur Finalize Historic Free Trade Agreement

Dec 6, 2024, 01:27 PM

On December 6, 2024, after 25 years of negotiations, the European Union (EU) and the Mercosur trade bloc have concluded a historic free trade agreement. The announcement was made during the 65th Mercosur Summit in Montevideo, Uruguay, with the presence of leaders including Brazilian President Luiz Inácio Lula da Silva and European Commission President Ursula von der Leyen. Von der Leyen hailed the agreement as "a victory for Europe" and emphasized its reflection of shared values and commitment to climate action. The agreement creates one of the world's largest free trade zones, encompassing 718 million people and economies totaling approximately $22 trillion. Leaders on both sides celebrated the deal as a significant milestone that will strengthen economic ties, enhance regional integration, and promote sustainable development.