Analyses from trade experts and reports from international trade organizations

EU and Mercosur Finalize Largest Trade Deal in EU History After 25 Years

Dec 6, 2024, 01:21 PM

After 25 years of negotiations, the Mercosur trade bloc and the European Union have finalized a historic free trade agreement, the largest trade deal in EU history. The agreement was announced on December 6, 2024, during the 65th Mercosur Summit in Montevideo, Uruguay. Ursula von der Leyen, President of the European Commission, declared the deal a 'victory for Europe' and emphasized that it marks the beginning of a new chapter, bringing more jobs, choices, and shared prosperity. The agreement aims to create the largest free trade area in the world, encompassing over 700 million people and a combined GDP of $22 trillion. Leaders from both blocs, including Brazilian President Luiz Inácio Lula da Silva and Argentina's President Javier Milei, celebrated the conclusion of the deal, emphasizing its significance for economic integration, sustainability, and regional cooperation. Lula highlighted the agreement's protection of the environment and affirmed that they will not accept attempts to defame the recognized quality and safety of their products.