The settlement, designed to decrease tariffs and increase commerce between the two areas, should now achieve the consent of the European Parliament and be ratified by legislatures of Mercosur members Argentina, Brazil, Paraguay and Uruguay.
European Fee President Ursula von der Leyen and European Council President Antonio Costa joined the presidents of Mercosur international locations at Saturday’s ceremony, except Brazilian President Luiz Inacio Lula da Silva, who despatched his international minister.
The deal was signed after receiving the inexperienced mild from most European nations final week, regardless of considerations from farmer and environmental teams, who concern a surge of cheap South American imports and elevated deforestation.
Von der Leyen, who met with Lula earlier than heading to Asuncion for the signing, mentioned the deal would create the biggest free commerce zone on this planet.
“This settlement sends a really robust message to the world. It displays a transparent and deliberate selection. We select truthful commerce over tariffs. We select a productive, long-term partnership over isolation,” she mentioned on Saturday.
Commerce between the 2 blocs, which encompasses a market of 700 million individuals, reached a price of 111 billion euros in 2024. European Union exports primarily include equipment, chemical merchandise, and transport tools, whereas Mercosur’s exports are concentrated in agricultural items, minerals, wooden pulp, and paper
