EU and Mercosur agree to major free trade deal after 25 years, pending final approval.

The European Union and Mercosur, a South American trade bloc including Argentina, Brazil, Paraguay, and Uruguay, have signed a landmark free trade agreement after over 25 years of negotiations. The deal, hailed as one of the world’s largest trade zones, aims to reduce tariffs, boost economic growth, and strengthen trade ties. While supported by many, it has drawn criticism from farmers and environmental groups over concerns about agricultural competition and deforestation. Final ratification by the European Parliament and national legislatures in Mercosur countries is required before implementation.