Jan. 17 (UPI) -- Representatives of the European Union and South American nations signed a free trade agreement on Saturday, but it won't be official until approved by the European Parliament.
The free trade agreement would support trade between Brazil, Argentina, Paraguay and Uruguay, collectively called "Mercosur," and E.U. member nations, but the E.U.'s parliamentarians could reject it.
Mercosur is a Spanish acronym that is short for "Southern Common Market," and the European Parliament might take months to ratify the agreement, if it does at all, some European officials have warned.
E.U. Commission President Ursula von der Leyen and European Council President Antonio Costa participated in the signing ceremony held in Asuncion, Paraguay, along with representatives of the four South American nations subject to the agreement.
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