from Stamau123@lemmy.world to world@lemmy.world on 19 Mar 02:18
https://lemmy.world/post/44450830
SANTIAGO, Chile (AP) — Paraguay on Tuesday became the latest and final South American country to ratify the landmark free trade agreement between Mercosur and the European Union, which will establish one of the world’s largest free trade zones.
The European Commission, the EU’s executive branch, has said it will provisionally ratify the deal, meaning the agreement could take effect even as a legal challenge by European lawmakers winds its way through the European Court of Justice.
The deal has been negotiated for a quarter century among countries that are now home to more than 700 million people and account for 25% of global gross domestic product. It was unanimously approved by the 58 Paraguayan deputies present in the session, nearly two weeks after the Senate gave its green light. After the endorsement, it now awaits President Santiago Peña’s signature.
With today’s vote, Paraguay became the fourth and final of the Mercosur founding members to ratify the agreement, following Uruguay, Argentina and, most recently, Brazil.
Bolivia, the newest Mercosur member, didn’t participate in the negotiations, but will be able to join the deal in the coming years.
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