EU-Mercosur trade deal to be signed in Paraguay today
The long-awaited trade agreement between the European Union and the Mercosur bloc is set to be officially signed today in Paraguay, marking the culmination of over 25 years of negotiations. The deal aims to create one of the world’s largest free-trade zones, covering more than 700 million consumers and representing around 30% of global GDP.
European Commission President Ursula von der Leyen will attend the ceremony alongside European Council President Antonio Costa. Leaders from Paraguay and Uruguay will also be present, while Brazilian President Luiz Inacio Lula da Silva, who played a key role in advancing the negotiations, will not attend the signing. The participation of Argentine President Javier Milei has not been confirmed.
The agreement removes many tariffs, opening new opportunities for European exports of cars, machinery, wine, and cheese. Conversely, South American products such as beef, poultry, sugar, rice, honey, and soy will gain easier access to European markets, raising concerns among some agricultural sectors over competition and adherence to EU standards.
Supporters argue the treaty will boost European economic growth and strengthen diplomatic ties with Latin America, while critics warn it could challenge local farmers with cheaper imports and insufficient regulatory oversight.
The signing comes amid global geopolitical tensions, including protectionist measures by the United States and China’s trade practices. EU and Mercosur leaders emphasize the deal as a reaffirmation of multilateralism, democracy, and the rule of law in international trade.
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