THE EUROPEAN UNION AND THE MERCOSUR COUNTRIES HAVE REACHED A TRADE AGREEMENT, WHICH IS NOW BEING PRESENTED TO THE EUROPEAN UNION'S MEMBER STATES FOR APPROVAL. THE AGREEMENT AIMS TO STRENGTHEN ECONOMIC TIES BETWEEN THE TWO REGIONS, ELIMINATE TARIFFS AND OTHER TRADE BARRIERS, AND PROMOTE COOPERATION IN AREAS SUCH AS AGRICULTURE, SERVICES, AND INVESTMENT. THE DEAL IS EXPECTED TO BENEFIT BOTH SIDES, INCREASING TRADE AND INVESTMENT BETWEEN THE EU AND MERCOSUR COUNTRIES, AND CREATING NEW OPPORTUNITIES FOR BUSINESSES AND CONSUMERS. THE AGREEMENT WILL NOW BE SUBJECT TO A PERIOD OF SCRUTINY AND NEGOTIATION WITH THE EUROPEAN PARLIAMENT AND THE EUROPEAN COUNCIL, BEFORE IT CAN BE RATIFIED AND COME INTO EFFECT.
✍️ The European Union has put forward its massive trade deal with South American bloc Mercosur for approval, promising 'robust' safeguards to protect farmers.
👉 The EU-Mercosur deal aims to create a 700-million-customer free-trade area, the world's biggest
👉 The agreement has faced opposition from France and other EU countries over agricultural concerns
👉 The EU Commission has reassured them that the deal provides full and comprehensive protection for all EU sensitivities in the agricultural sector
👉 The deal will see Mercosur countries progressively remove import duties on 91 percent of EU goods
👉 The commission estimates it will increase EU annual exports to the four-country bloc by up to 39 percent
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