EU Secures Historic Trade Deal with South American Nations

Italy's support clears the way for the EU to seal a historic free trade deal with Mercosur nations after 25 years of negotiations. The agreement, involving Brazil, Argentina, Bolivia, Paraguay, and Uruguay, aims to boost exports and establish one of the largest free trade zones, despite opposition from several EU countries.

In a significant development, Italy, on Friday, granted pivotal support to the European Union's efforts to finalize a major free trade deal with Mercosur nations, following decades of negotiation. Prime Minister Giorgia Meloni's backing has been instrumental in advancing this agreement, designed to connect Europe with Brazil, Argentina, Bolivia, Paraguay, and Uruguay.

The deal, poised for potential signing next week by European Commission President Ursula von der Leyen in Paraguay, promises to bolster EU exports significantly. However, it has faced staunch opposition from some EU members, notably France and Poland, over concerns about agricultural impacts and market competition.

Despite dissent, Italy secured protections for its farming community, mitigating concerns over production standards. As debates continue, the deal symbolizes a diplomatic win for Brussels amid global economic challenges, contrasting sharply with the strategies of other major powers like the U.S. and China.

(With inputs from agencies.)