Brazil ratifies EU-Mercosur free trade agreement

Brazil’s parliament has ratified the free trade agreement between the European Union and the Mercosur states Argentina, Brazil, Paraguay and Uruguay.

Senate President Davi Alcolumbre said on Wednesday lawmakers had acted in the interest of society after the treaty cleared its final parliamentary hurdle in the Senate. Uruguay and Argentina have already ratified the deal.

The agreement was signed earlier this year in Paraguay after more than 25 years of negotiations. It is expected to create a new free trade area covering more than 700 million people.

By reducing tariffs and other trade barriers, the pact aims to boost the exchange of goods and services between the two regions.

The European Commission has said it plans to apply the agreement provisionally, despite a pending review by the European Court of Justice.