Historic Trade Accord: EU and Mercosur Forge 25-Year Deal

Brazilian President Luiz Inacio Lula ⁠da Silva announced that the EU and Mercosur are set to finalize a historic free trade agreement, marking the conclusion of 25 years of negotiations. The deal promises increased trade, investment, and opportunities for both blocs.

In a significant development, Brazilian President Luiz Inacio Lula da Silva announced that the European Union and the South American bloc Mercosur are poised to seal a historic free trade agreement this weekend. The deal, which ends 25 years of arduous negotiations, is expected to pave the way for unprecedented trade and investment opportunities for both regions.

During a media conference in Rio de Janeiro, President Lula, accompanied by European Commission Chief Ursula von der Leyen, emphasized the transformative potential of this agreement. He underlined the prospect of enhanced economic ties that would mutually benefit the South American and European blocs.

Top officials from the European Union are preparing to make their way to Paraguay on Saturday to officially sign the agreement with Mercosur, marking the EU's largest trade accord to date. Although President Lula will not be attending the signing ceremony, the event is anticipated to be a milestone in international trade relations.

(With inputs from agencies.)