Brazil lower house approves EU-Mercosur free trade deal
Brazil's lower house approved the EU-Mercosur trade deal on Wednesday. The agreement now moves to the Senate for final endorsement before taking effect.
In a significant move for South American trade relations, Brazil[Country:{\"assets\":{\"country\":\"BR\"}}]'s lower house of Congress approved the recently signed free trade agreement between the European Union and the Mercosur bloc on Wednesday. The legislative body's endorsement is a pivotal development in the long-running effort to finalize the deal, which has been the subject of negotiations for 25 years. The agreement's full implementation now depends on a final green light from the Brazilian Senate. Furthermore, the accord must be ratified by the legislatures of the other Mercosur member nations, including Argentina[Country:{\"assets\":{\"country\":\"AR\"}}], Paraguay[Country:{\"assets\":{\"country\":\"PY\"}}], and Uruguay[Country:{\"assets\":{\"country\":\"UY\"}}]. As reported by Thomson Reuters Corporation[Symbol:{\"assets\":{\"symbol\":\"TRI\"}}], the deal aims to foster deeper economic integration between the two regions by reducing trade barriers and harmonizing regulations. The approval in Brasilia signals a growing momentum for the pact, despite previous years of diplomatic hurdles and environmental concerns.
