EU and Mercosur Seal Historic Trade Deal Covering 700 Million People

Dec 6, 2024, 01:13 PM

After 25 years of negotiations, the European Union and the Mercosur trade bloc announced on December 6, 2024, the conclusion of a historic free trade agreement during the 65th Mercosur Summit in Montevideo, Uruguay. European Commission President Ursula von der Leyen attended the summit and declared, "We have concluded the negotiations for the EU-Mercosur agreement. This agreement is a victory for Europe." The deal aims to create the world's largest free trade zone, encompassing over 700 million people, and is expected to boost trade and economic cooperation between the EU and key Latin American nations. Despite last-minute resistance, particularly from France, which remains firmly opposed due to political concerns, the agreement marks the beginning of a new chapter in EU-Mercosur relations, promising more jobs, greater choice for consumers, and shared prosperity. Leaders of Mercosur countries, including Uruguay's President Luis Lacalle Pou and Brazil's President Lula da Silva, were present at the announcement.