EU, South American countries ink trade deal sending ‘clear signal’ to Trump
The European Union and Mercosur blocs have signed an international trade pact, sending a “clear signal” to US President Donald Trump to stop threatening world countries with economic tariffs.
After 25 years of negotiations, European and South American leaders finally reached an agreement on a cross-Atlantic free trade pact to address their present concerns over Trump’s ongoing tariff threats.
Officials from the two sides signed the major free trade agreement on Saturday.
The agreement will pave the way for the European Union’s largest-ever trade accord amid tariff threats and deepening uncertainty around global cooperation.
The pact creates one of the world’s largest free trade areas.
The agreement between the 27-nation EU and South America’s Mercosur bloc was finalized last week after 25 years of negotiations.
It must now be approved by the European Parliament as well as the legislatures of Mercosur members Brazil, Argentina, Paraguay and Uruguay.
The free trade pact has been designed to lower tariffs and boost trade between the two sides of the Atlantic.
Officials from the two sides praised the treaty, pointing out that it is sending a clear message to Trump’s tariff threats.
Reaching an agreement between the EU and and Mercosur blocs after decades of trade negotiations is “a clear signal in favor of international trade” in “a global scenario marked by tensions,” said Paraguay’s President Santiago Pena.
Brazilian Foreign Minister Mauro Vieira said it was a “bulwark … in the face of a world battered by unpredictability, protectionism, and coercion.”
EU chief Ursula Von der Leyen said the pact is a gesture in favor of fair trade and multilateralism instead of isolationism and tariffs.
“We choose fair trade over tariffs, we choose a productive long-term partnership over isolation,” Von der Leyen said at the signing ceremony in Paraguay’s capital, Asuncion.
Officials hope the pact would bring jobs, prosperity, and opportunities to people on both sides of the Atlantic.
The pact, which is expected to come into force this year, will eliminate tariffs on more than 90 percent of bilateral trade between the EU and Mercosur.
The two blocs collectively have more than 700 million consumers and account for 30 percent of global GDP.
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