Landmark EU-Mercosur Agreement Promises Billions in Tariff Savings

The European Union (EU) and Mercosur countries have reached a landmark agreement to establish one of the world's largest trade deals, encompassing a free trade area of over 780 million people. The announcement was made during a summit in Montevideo, Uruguay, where European Commission President Ursula von der Leyen hailed the deal as a “historic milestone” after more than two decades of negotiations.

The agreement, which will eliminate duties on over 91% of EU goods exported to Mercosur, promises to deliver significant economic benefits....