BUENOS AIRES, Jan. 14 (UPI) -- Paraguay will host the signing of a free trade agreement between the European Union and the Southern Common Market, known by its Spanish acronym Mercosur, on Saturday after EU member states reached consensus last week.
The deal between Mercosur, comprising Argentina, Brazil, Paraguay and Uruguay and the European Union was reached in December 2024 after 25 years of intermittent negotiations.
EU member states formally approved the agreement this month, despite opposition from France, Poland, Ireland, Austria and Hungary.
The Mercosur agreement strengthens the EU's strategy to diversify economic partners and secure stable ties amid growing geopolitical and trade tensions worldwide.
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