Paraguay

Paraguay is one of the four member states of Mercosur, a South American trade bloc that also includes Argentina, Brazil, and Uruguay. Mercosur has recently been at the center of international news due to the finalization of a long-awaited free trade agreement with the European Union after 25 years of negotiations. This agreement aims to create one of the world's largest free trade areas. The deal is newsworthy because it signifies a major shift towards global cooperation amid rising protectionism and trade tensions, particularly those initiated by the US. However, the agreement faces significant opposition, primarily from European farmers concerned about its impact on their industries, especially beef. The EU Parliament has even referred the deal to the bloc's top court to determine its compatibility with EU policy, creating uncertainty about its future. Despite the internal EU debates and protests, the agreement highlights Mercosur's increasing importance in global trade and its role in shaping international economic relations.