The long delayed agreement promises to reshape trade between Europe and South America.
After more than 25 years of negotiations, the European Union and the South American bloc Mercosur have finally signed this sweeping trade agreement. The deal was formalized on Saturday in Paraguay, marking a major moment for relations between the two regions.
If fully approved, the agreement will lower tariffs and expand trade across a market of about 700 million people. It still needs approval from the European Parliament and ratification by the national legislatures of Argentina, Brazil, Paraguay and Uruguay before it can take effect.
