Mercosur and the European EFTA bloc sign a free trade agreement

free trade area for nearly 300 million people after eight years of negotiations. During the signing of the agreement, representatives from the member countries of both blocs highlighted the historic nature of the agreement and the alliance's commitment to free trade. "In the midst of a world in uncertainty, we are proving that it is possible to strengthen multilateralism and free trade," said Brazilian Vice President Geraldo Alckmin at the ceremony, held at the Itamaraty Palace in Rio de Janeiro. Brazilian Foreign Minister Mauro Vieira also highlighted that it is a "fair agreement based on clear rules" while Uruguay's Foreign Minister Mario Lubetkin called it a "strategic alliance." Argentina, Brazil, Paraguay, and Uruguay, which make up Mercosur, along with EFTA member countries Iceland, Norway, Switzerland, and Liechtenstein, represent a combined GDP of over 4.3 trillion dollars and a trading area of about 300 million consumers. More than 97% of exports from both blocs will ...