Mercosur and EU Sign Historic Deal Creating World's Largest Free Trade Zone

Dec 6, 2024, 01:14 PM

On December 6, 2024, Mercosur and the European Union officially announced the conclusion of a historic free trade agreement during the 65th Mercosur Summit in Montevideo, Uruguay. After 25 years of negotiations, the agreement will establish the largest free trade zone in the world, encompassing member countries of both blocs. Uruguayan Chancellor Omar Paganini noted that the Mercosur countries had reached a consensus with the European Union to finalize the deal. The European Commission also confirmed the agreement, marking a significant milestone in international trade relations between the two regions.