Paraguay gives green light to Mercosur-EU agreement and completes approval by the South American bloc
The Paraguayan Chamber of Deputies unanimously approved the trade agreement between Mercosur and the European Union (EU) this Wednesday, the 18th, making the country the last in the South American bloc to ratify the deal after 26 years of negotiations. The enactment of the agreement now rests with President Santiago Peña. Paraguay's approval coincides with the Brazilian Congress's enactment of the legislative decree ratifying the agreement. The document, signed by Mercosur and EU members on January 17 in Asunción, received the positive vote of all 58 deputies present. Chamber of Deputies President Raúl Latorre described the pact as one of the most important trade agreements of the century, noting it will boost exports and strengthen economic ties. The agreement creates a market of 720 million people and will enter into full force once ratified by the European Parliament following a legal review by the EU Court of Justice.
