"The European Union and Mercosur officially signed a landmark free trade agreement in Asuncion on Saturday, concluding 25 years of negotiations and establishing one of the world's largest free-trade zones. Footage shows officials signing the agreement and posing for pictures on stage at the Gran Teatro Jose Asuncion Flores. Paraguayan President Santiago Pena and European Commission President Ursula von der Leyen led the signing. Also in attendance were European Council President Antonio Costa, Argentine President Javier Milei, Bolivian President Rodrigo Paz and Uruguay's Yamandu Orsi. Brazilian President Luiz Inacio Lula da Silva was absent due to scheduling conflicts and was represented by Foreign Minister Mauro Vieira. The agreement covers a market of more than 780 million people, accounting for roughly one-quarter of global GDP. It eliminates most tariff and non-tariff barriers, with around 92% of trade between the blocs expected to be tariff-free within 15 years. The agreement will not take immediate effect. It must still be approved by the European Parliament and ratified by Mercosur member states, a process expected to take several months. The pact positions Argentina, Brazil, Paraguay and Uruguay as key partners for European supply chains, despite opposition from Poland, Hungary, Ireland and France."