EU tries to get closer to South America with trade deal

The European Union has signed a trade deal with four of South America’s biggest economies.
European Commission president Ursula von der Leyen called the agreement a “truly historic milestone” in an “increasingly confrontational world”.
A previous agreement in 2019 never came into force because not all EU member states were willing to ratify it.
If this deal gets ratified by EU states, it means that companies trading between the two regional blocs will charge each other lower tariffs, use simplified customs procedures and it will give the EU easier access to raw materials.
Ms von der Leyen told reporters in Montevideo it was in the interest of Europe’s citizens. “It means more jobs and good jobs, more choices and better prices,” she said.
Last year, Europe sold almost $59bn (£46bn) worth of goods to Argentina, Brazil, Paraguay and Uruguay.
This deal is set to grow exports of goods including cars, machinery, chemicals and pharmaceuticals at a time when trade tensions are growing with other parts of the world, the US and China in particular.
Nearly $57bn worth of goods went the other way last year with minerals such as lithium and nickel as well as meat and vegetables among the biggest sellers.
Those minerals are crucial to the batteries in electric vehicles and this trade deal will make it easier for European carmakers to get hold of the huge quantities they are expected to need in the coming years.