EU-Mercosur Trade Agreement: A Historic Accord in the Making

The European Union member states have largely supported a free trade agreement with South America's Mercosur bloc. Cyprus, holding the EU presidency, confirmed the majority's backing after EU ambassadors provisionally approved the deal, which now awaits European Parliament's endorsement to become effective.

On Friday, European Union member states confirmed their broad support for a planned free trade agreement with the South American bloc Mercosur. Cyprus, currently presiding over the EU, announced the near-unanimous backing.

The agreement received provisional approval from the ambassadors of the EU's 27 member states, who had until 5 p.m. Brussels time to cast their written votes confirming the deal.

This trade agreement is poised to be the largest the EU has reached; however, it still requires the European Parliament's approval before it can be enacted.

(With inputs from agencies.)