The EU and a South American trade bloc reach a giant trade deal after 25 years of talks

Associated Press

MONTEVIDEO, Uruguay (AP) — The European Union has reached a blockbuster free trade agreement with Brazil, Argentina and the three other South American nations in the Mercosur trade alliance. That caps a quarter-century of on-off negotiations even as France vows to derail the contentious accord. Provided it is ratified, the accord would create one of the world’s largest free trade zones, covering a market of 780 million people that represents nearly a quarter of global gross domestic product. Its critics in France, the Netherlands and other countries with big dairy and beef industries say the pact would subject local farmers to unfair competition and cause environmental damage.