EU, South America's Mercosur Sign Free Trade Pact in Counter to US Tariffs

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The European Union and South American Mercosur bloc signed a free trade agreement after 25 years of negotiations, calling it a strategic counterweight to Washington’s tariff push. The pact would create one of the world’s largest free trade zones, with 700 million consumers and about 20% of global GDP, removing tariffs on 90% of bilateral trade. It faces pushback from European farmers worried about South American imports, and is expected to take effect later this year if all members ratify it.

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00:00The European Union and the Mercosur Bloc of Latin American countries have signed a historic free trade agreement after 25 years of negotiations.

00:09Leaders say the pact is a strategic counterpoint to Washington's tariff push.

00:15This agreement sends a very strong message to the world.

00:19We choose fair trade over tariffs.

00:24We choose a productive, long-term partnership over isolation.

00:33The deal creates one of the world's largest free trade zones, covering 700 million consumers and 20 percent of global GDP.

00:41While the deal removes tariffs on 90 percent of bilateral trade, it still faces opposition from European farmers concerned about South American imports.

00:50If all members ratify it, the deal could take effect by the end of this year.

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