Mercosur

Mercosur is a South American trade bloc comprised of several nations aiming to foster regional economic integration. It's newsworthy due to the recent signing of a landmark free trade agreement with the European Union after nearly 25 years of negotiations. This agreement aims to create one of the world's largest free trade areas, connecting markets with over 700 million people. The deal comes amid rising global protectionism and trade tensions, particularly those instigated by the US. Despite the signing, the agreement faces potential hurdles, as EU lawmakers have expressed legal concerns that could hold up its ratification. The agreement is significant as it represents a major step towards strengthening commercial ties between Europe and South America, offering potential economic benefits to both regions while also signaling a commitment to multilateralism in a world increasingly leaning towards isolationism.