Paraguay has taken a decisive step by ratifying the free trade agreement between Mercosur and the European Union, becoming the last founding member of the South American bloc to approve the treaty. This ratification marks a major step forward in a process that has been underway for over twenty years between the two economic blocs.
This sweeping agreement aims to create one of the world's largest free trade areas, covering over 700 million consumers and representing approximately a quarter of global GDP. It notably includes a massive reduction in tariffs and the strengthening of trade between Europe and South America.
A key ratification despite persistent opposition
With Paraguay's approval, following those of Argentina, Brazil, and Uruguay, the validation process on the South American side is now complete. However, the text still needs to pass several stages on the European side, particularly in the European Parliament, amid strong reservations expressed by certain countries and sectors, especially agriculture.
Supporters of the agreement see it as a strategic lever for strengthening economic relations between the two regions and asserting their influence in global trade. It could enter into force provisionally in the coming months, pending full ratification.
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