Paraguay has ratified the European Union–Mercosur trade agreement, becoming the final South American member of the bloc to approve the deal after more than 25 years of negotiations. The Paraguayan Chamber of Deputies passed the agreement unanimously, following earlier approval by the Senate, leaving only the formal enactment by President Santiago Peña.
With Paraguay’s decision, all founding Mercosur countries—Argentina, Brazil, Uruguay, and Paraguay—have now endorsed the treaty, marking a major milestone for regional integration and international trade. The agreement aims to create one of the world’s largest free trade areas, facilitating market access, reducing tariffs, and strengthening economic ties between Europe and South America.
Paraguayan officials highlighted potential benefits such as increased exports, improved competitiveness, and the attraction of foreign investment, particularly in higher value-added sectors. The deal also recognizes Paraguay’s status as a landlocked developing country, granting it certain advantages within the framework.
However, despite this progress in South America, the agreement still faces hurdles before full implementation. It requires approval at the European level, where political and legal challenges remain.
Overall, Paraguay’s ratification represents a significant step forward in concluding a long-awaited trade pact, reinforcing Mercosur’s commitment to global economic integration.
