What is the EU-Mercosur trade agreement and why does it matter?

Associated Press

PARIS (AP) — The EU and the South American trade bloc Mercosur are working to finalize a trade deal that has been in negotiation for over 20 years. The agreement would create a vast free trade zone, reducing tariffs and trade barriers between the two regions. Mercosur nations would gain better access to EU markets for agricultural exports while Europe would benefit from lower tariffs on industrial goods. The deal faces strong opposition from European farmers and environmental groups over concerns about unfair competition and deforestation. Supporters like Germany and Brazil see it as a chance to boost trade and economic growth.