The European Union ( EU ) and Mercosur countries have reached a landmark agreement to establish one of the world's largest trade deals, encompassing a free trade area of over 780 million people. The announcement was made during a summit in Montevideo, Uruguay, where European Commission President Ursula von der Leyen hailed the deal as a “ historic milestone ” after more than two decades of negotiations. The agreement, which will eliminate duties on over 91% of EU goods exported to Mercosur ,