South American bloc, EU to sign long-awaited FTA amid Trump’s tariffs
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The European Union and the South American trade bloc Mercosur (Argentina, Brazil, Paraguay, and Uruguay) are set to sign a free trade agreement on Saturday, creating one of the world's largest free trade areas. The deal, 25 years in the making, aims to eliminate tariffs on over 90% of bilateral trade between the two blocs, which together account for 30% of global GDP and over 700 million consumers. The agreement will benefit European exports like cars, wine, and cheese, while facilitating South American exports of beef, poultry, sugar, and other agricultural products to Europe. The agreement comes amid rising global protectionism and trade tensions, particularly those initiated by the US. The deal was finalized in Brussels last week despite opposition from European farmers.
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