Talks on a landmark free trade deal between the European Union and four South American countries (Mercosur bloc) began so long ago that even the euro wasnβt in circulation, China hadnβt yet joined the World Trade Organization (WTO) and Venezuela was still Americaβs top oil provider.
But against a starkly different geopolitical background and tough odds β including backlash from powerful protectionist lobbies β the EU and the South American alliance known as Mercosur are expected to formally sign their quarter-century-in-the-making trade pact this Saturday at a ceremony in Paraguay.
This is the first major trade agreement for Mercosur, which includes the region's two biggest economies, Brazil and Argentina, along with Paraguay and Uruguay. Bolivia, the newest member, was not involved in negotiations but can join the agreement in the coming years.
The trans-Atlantic trade deal β lifting tariffs on products ranging from Argentine steaks and Brazilian copper to G
Continue Reading on Daily Sabah
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.