The European Commission and Mercosur countries announced on Friday the conclusion of an agreement creating a free trade area covering 780 million people. However, the deal will have to be sealed by EU member states.
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00:00After 25 years of negotiations, the EU and the Mercosur countries have concluded their free trade agreement.
00:09It will eliminate tariffs on most European products such as vehicles, clothing and machinery which are sold in Latin America
00:15and it will apply to imports from Argentina, Uruguay, Paraguay and Brazil.
00:20This agreement is not just an economic opportunity, it is a political necessity.
00:28We are like-minded partners, we have common roots, we have an intertwined history and culture.
00:38But the agreement will now have to be approved by the Mercosur countries and those of the European Union as well as the European Parliament.
00:48It is an opportunity.
00:51And it will be in each of us the speed at which we give this agreement to each of our countries or to the European Union as such, so that this goes forward.