The European Union and the South American bloc Mercosur of Argentina, Brazil, Paraguay and Uruguay finalised a free trade agreement on Friday, although it faces a tough battle to secure approval by the 27 EU member states.
The trade deal would be the EU’s largest in terms of the population of its partner and in terms of tariff reductions, which could amount to 4 billion euros ($4.23 billion) annually, phased out over several years.
It is also the biggest deal for Mercosur, which has trade agreements with Egypt and Israel and has signed one with Singapore. The EU sees this as giving it an early-mover advantage. […]
The EU will eliminate duties on all industrial goods over a transitional period of up to 10 years.
Mercosur will remove duties for more than 90% of EU exports, including cars (currently 35% duty), car parts, machinery (up to 18%), chemicals and pharmaceuticals (up to 14%). It will also ease access for clothing and footwear. Läs artikel