7 sources·Business

EU and Mercosur Finalize Landmark Free Trade Agreement After 25 Years of Negotiations

The European Union and Mercosur finalize a significant free trade agreement, but faces ratification hurdles amid resistance from French government and agricultural groups.

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Updated: Dec 6th, 2024, 6:20 PM ET

Summary

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After 25 years of negotiations, the EU has reached a free trade agreement with Mercosur, potentially benefiting 780 million people. Despite its promises of economic growth and lower tariffs, concerns remain regarding competition for farmers and environmental risks, with France and other nations showing resistance. The deal's ratification faces significant hurdles as it needs approval from EU member states and the European Parliament.

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