BUENOS AIRES, Argentina — South America's Mercosur bloc and the European Union struck a free-trade deal Friday after two decades of negotiations that concluded amid global trade tensions and rising protectionism.
— South America’s Mercosur bloc and the European Union struck a free-trade deal Friday after two decades of negotiations that concluded amid global trade tensions and rising protectionism.
Juncker described the pact with the bloc made up of Argentina, Brazil, Paraguay and Uruguay as “an historic moment” that came 20 years after talks were launched. It shows the European bloc is determined to remain a flag-bearer of the global trade system at a time when it is being challenged by a Trump administration skeptical of free trade.
The commission, which negotiates trade deals on behalf of the 28-nation EU, said the agreement is particularly important for industrial sectors like cars and car parts, machinery, chemicals, pharmaceuticals as well as clothing and footwear. Mercosur hopes to benefit with more exports of agricultural products including beef, poultry and sugar.
The agreement brings to 15 the number of pacts the EU has concluded since 2014, most recently with Canada and Japan, and comes as the bloc pushes ahead with international trade deals.
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