The European Union and South American bloc Mercosur will sign a long-delayed free trade agreement on Saturday in Asuncion, Paraguay, creating one of the world's largest free trade zones, APA reports, citing Deutsche Welle.
The pact, 25 years in the making, will eliminate tariffs on more than 90% of bilateral trade between the EU and Mercosur members Argentina, Brazil, Paraguay and Uruguay.
Together, the blocs account for about 30% of global GDP and more than 700 million consumers.
President of the European Commission Ursula von der Leyen and European Council President Antonio Costa are due to attend the signing ceremony, alongside regional leaders.
"And this is how we create real prosperity — prosperity that is shared. Because, we agree, that international trade is not a zero-sum game," von der Leyen said on Friday.
Brazil's President Luiz Inacio Lula da Silva, a key backer of the deal, will not attend but has praised the agreement calling it historic and a boost for multilateralism.
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