Paraguay Ratifies Mercosur-EU Free Trade Deal

Paraguay has become the final founding member of Mercosur to ratify the landmark free trade agreement with the European Union, following Uruguay, Argentina, and Brazil. This completes the ratification process on the South American side, establishing what is anticipated to be one of the world's largest free trade zones, encompassing over 700 million people and 25% of global GDP. The International===European Commission plans to provisionally ratify the deal, allowing it to take effect while a legal challenge by European lawmakers is reviewed by the International===European Court of Justice. The agreement, negotiated for a quarter-century, aims to eliminate tariffs on over 90% of bilateral trade, favoring European exports of cars, wine, and cheese, and facilitating South American exports of beef, poultry, sugar, rice, honey, and soybeans. Despite opposition from some European countries, notably France, due to concerns about agricultural competition, the deal is widely praised for its potential to foster economic integration and investment.