Original article: «La mayor zona de libre comercio del mundo»: Consejo de la Unión Europea aprobó acuerdo con el Mercosur

EU Council Approves Landmark Trade Agreement with Mercosur, Creating the World’s Largest Free Trade Zone

International media have dubbed the treaty between the European Union and Mercosur as «one of the largest free trade agreements in the world,» which was approved on Friday, January 9, after 25 years of negotiations.

Now, European Commission President Ursula von der Leyen is expected to travel to Paraguay to sign the agreement on January 17: «We are creating a market of 700 million people, the largest free trade area in the world. Our message to the world is this: collaboration creates prosperity and openness drives progress,» stated the EU representative.

In that regard, London’s BBC has highlighted that the 27 member states of the European trading bloc reached a majority «despite announced opposition from countries like France, Poland, and Ireland.»

German media outlet DW also noted that the approval was made possible «thanks to new concessions to the agricultural lobby, which views competition from Brazil, Paraguay, Argentina, and Uruguay, members of the South American trading bloc, as a threat to European farmers due to increased imports of cheaper products.»

On this matter, German Bundestag member Isabel Cademartori asserted that the agreement «benefits the German population. It creates new opportunities for businesses and helps ensure jobs while Europe becomes less dependent on certain trading partners.»

A Final Step Remains

Following the Council’s approval, European media reminded that for the agreement to come into effect, a final step remains: the approval from the European Parliament, expected to occur in the coming weeks. Various polls and projections suggest the outcome of this vote is uncertain, as at least 100 MEPs—out of a total of 720—threatened to take legal action to annul the agreement.

El Ciudadano