The European Union has put pen to paper on a substantial Latin American trade deal as post-Brexit Britain continues to struggle to find new markets to trade with.
European Commission President Ursula von der Leyen toasted a “historic milestone” after an agreement was made with leaders of the Mercosur bloc in the Uruguayan capital, Montevideo.
The agreement, which took 25 years to complete, creates a free-trade zone spanning more than 700 million people.
Brazil, Argentina, Uruguay, Paraguay and newcomer Bolivia will now trade more freely with EU nations, just as Donald Trump threatens to launch a global trade war when he returns as US president next month.
“We are sending a clear and powerful message,” von der Leyen told a joint press conference. “In an increasingly confrontational world, we demonstrate that democracies can rely on each other. This agreement is not just an economic opportunity. It is a political necessity.”
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