Mercosur-EU trade deal begins

After more than 26 years of stop-start negotiations, the Mercosur-European Union trade agreement entered its commercial phase on Friday, May 1, creating one of the world's largest free-trade zones — roughly 700 million consumers and a combined GDP near USD 22 trillion.

The European Commission applied the deal provisionally, sidestepping a pending consultation at the European Court of Justice (which could take two years) and temporarily bypassing full ratification by the European Parliament. Brazil incorporated the text via decree on April 28, joining Argentina and Uruguay; Paraguay is expected to follow.