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Mercosur, South America's largest trade bloc, and the European Free Trade Association (EFTA) finalized a decade-long trade deal creating a free trade area encompassing nearly 300 million people and a combined GDP exceeding $4.3 trillion. The agreement, covering goods, services, investment, and intellectual property, eliminates most tariffs. While boosting bilateral trade, it requires parliamentary approval from both blocs and follows a similar, yet unratified, EU-Mercosur deal facing opposition from some European nations.

Prepared by Rachel Morgan and reviewed by editorial team.