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Mercosur and EU 'historic' trade deal will 'save Spain a fortune'
02 July 2019 @ 00:49

AN HISTORIC trade deal has been struck between the European Union and its Latin American counterpart, Mercosur, after 20 years of negotiations – an agreement in which Spain has played, and is likely to continue to play, a key role given that its former colonies across the pond are the country's largest international commerce partners outside Europe.

The political and business alliance give both blocs access to a potential 780 million customers, or over one in every 1,000 inhabitants on earth.

It will also save EU-based companies involved in exports and imports over €4 billion a year in customs tariffs, making it the biggest trade deal the EU has achieved in its entire history.

European Commission chairman Jean-Claude Juncker (pictured speaking in the European Commission building, above left) says the agreement will create 'significant business, economic and employment opportunities' in both territories and aid sustainable growth on the two continents.



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