EU gave a long-delayed go-ahead last Friday to the huge trade pact with the South American Mercosur, overriding opposition led by key power France.

European Commission head Ursula von der Leyen will sign the Mercosur trade deal in Paraguay on January 17, Brussels has confirmed.

Argentina's Foreign Minister Pablo Quirno had already announced that the deal would be signed next Saturday.

Paraguay is the country currently holding the rotating pro-tempore presidency of Mercosur. 

The EU gave a long-delayed go-ahead Friday to the huge trade pact with the South American bloc – overriding opposition led by key power France.

More than 25 years in the making, supporters see the deal as crucial to boost exports, support the continent's ailing economy and foster diplomatic ties at a time of global uncertainty.

Major Mercosur exports to the EU include agricultural products and minerals, while the EU would export machinery, chemicals, and pharmaceuticals with lowered tariffs applied.

But the agreement has drawn protests from farmers who fear being undercut by an influx of cheap beef and other products from South America.

Such concerns prompted Ireland, France, Poland, Hungary and Austria to vote against the accord.

The Mercosur deal still has to be approved by a majority of MEPs in the European Parliament in the coming months, where voting coalitions have become more volatile and unpredictable.

Source: Buenos Aires Times

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