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landmark trade agreementCNBC
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86% Informative
After 25 years of talks, the EU and five South American countries — Brazil , Argentina , Uruguay , Paraguay and, newly, Bolivia — signed a landmark trade agreement on Dec. 6 .
The trans-Atlantic partnership is estimated to cover an area of more than 700 million people and represents about 20% of global gross domestic product.
The agreement is designed to facilitate trade between the two blocs by lowering tariffs on a range of products.
EU Commission Spokesperson Olof Gill said the bloc's approach to the deal "exemplifies how trade agreements can effectively advance global climate efforts" Analysts said the strategic importance of lithium likely played a major role in the deal.
A reduction in car tariffs has also been touted as a much-needed boost for Europe 's ailing car industry.
VR Score
89
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90
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