EU REACHES SOUTH AMERICA TRADE DEAL – After 25 years of talks

The EU has reached a free trade agreement with South American countries, 25 years after talks began and despite opposition from farmers in several European countries.

The deal with the Mercosur trading bloc – which includes Brazil, Argentina, Paraguay and Uruguay – will require the approval of the European parliament within the next few months

Brazil’s President Luiz Inacio Lula da Silva hailed it as a “historic day for multilateralism” after the four South American countries put the final touches to the deal in Brussels.

It comes against the backdrop of US President Donald Trump’s tariffs on countries around the world and his recent military intervention in Venezuela.

The EU heralded what will be its largest free trade accord to date as a “win-win”, although critics have argued that cheap imports may undercut European farmers in products including beef, poultry and sugar.