EU fast-tracks contentious trade deal with South American bloc Mercosur
BRUSSELS, Feb 27 (Reuters) - The European Union will provisionally apply a contentious free trade agreement with South American bloc Mercosur to ensure the bloc secures first-mover advantage, European Commission President Ursula von der Leyen said on Friday.
The European Commission concluded its largest ever trade pact in terms of tariff reductions with Argentina, Brazil, Paraguay and Uruguay after 25 years of negotiations.
The EU executive has said it will remove some 4 billion euros ($4.7 billion) of duties on EU exports.
Germany and other supporters such as Spain say the deal is essential to offset business lost due to U.S. tariffs and to reduce reliance on China for critical minerals.
Opponents led by France - the EU's largest agricultural producer - say the deal will sharply increase imports of cheap beef, sugar and poultry, undercutting domestic farmers who have staged repeated protests.
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