The EU and a South American trade bloc reach a giant trade deal after 25 years of talks
The Statesman|December 08, 2024
The European Union reached a blockbuster free trade agreement Friday with Brazil, Argentina and the three other South American nations in the Mercosur trade alliance, capping a quarter-century of on-off negotiations even as France vowed to derail the contentious accord.
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The EU and a South American trade bloc reach a giant trade deal after 25 years of talks

Provided it is ratified, the accord would create one of the world's largest free trade zones, covering a market of 780 million people that represents nearly a quarter of global gross domestic product.

The accord's proponents in Brussels say it would save businesses some $4.26 billion in duties each year, slashing red tape and removing tariffs on products like Italian wine, Argentine steak, Brazilian oranges and German Volkswagens.

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