European Union and Mercosur bloc signal landmark free commerce settlement

ASUNCIÓN, Paraguay (AP) — The European Union and the Mercosur bloc of South American nations formally signed a long-sought landmark free commerce settlement on Saturday, capping greater than a quarter-century of torturous negotiations to strengthen business ties within the face of rising protectionism and commerce tensions around the globe.

The signing ceremony in Paraguay’s capital, Asunción, marks a significant geopolitical victory for the EU in an age of American tariffs and surging Chinese language exports, increasing the bloc’s foothold in a resource-rich area more and more contested by Washington and Beijing.