Historic Free Trade Zone Ratified: Uniting Mercosur and the EU

Paraguay becomes the last Mercosur nation to ratify the free trade pact with the EU, creating a major global trade zone. The agreement, negotiated over 25 years, awaited President Peña's signature. The EU provisionally ratifies it amid European opposition claiming potential agricultural disruption.

Paraguay has officially ratified the historic free trade agreement between Mercosur and the European Union, completing the necessary approvals from the South American trading bloc's founding members. With this final endorsement, a massive trade zone impacting over 700 million people and accounting for 25% of global GDP is poised for operationalization.

The agreement, negotiated for over 25 years, was unanimously approved by the Paraguayan deputies and awaits the signature of President Santiago Peña. This development signifies a landmark moment for international trade relations, signaling increased integration and economic collaboration.

Despite some opposition from European agricultural groups and political factions, the EU's executive branch has provisionally ratified the deal. The European Parliament will re-evaluate the agreement pending the outcome of legal proceedings questioning its compliance with EU treaties.

(With inputs from agencies.)