EU-Mercosur: Historic Trade Agreement Reached

European Union ambassadors have reached a provisional agreement on a free trade deal with the South American bloc Mercosur. This potential landmark trade accord awaits written confirmation from EU member states and needs European Parliament approval to become effective.

European Union ambassadors reached a provisional consensus on a free trade agreement with the South American bloc Mercosur, as confirmed by three EU diplomats and sources. The deal marks a significant milestone in trade relations.

EU member states have been given until 5 p.m. Brussels time to provide written confirmation of their votes, according to the diplomats. This temporary agreement could soon represent a hallmark of international trade collaboration.

Despite the provisional nature of the accord, it still requires the European Parliament's final approval before becoming operational. Upon completion, it will be the largest trade agreement facilitated by the EU to date.

(With inputs from agencies.)