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The European Union and Mercosur (Southern Common Market) have been negotiating a trade agreement for almost two decades. This agreement would lead to the creation of the world`s largest free trade area, with a population of almost 780 million people. The text of the European Union Mercosur agreement has finally been released, and it contains provisions that will impact a wide range of industries and economies.

The agreement covers various areas, including trade in goods, services, and investment. It aims to reduce or eliminate tariffs and non-tariff barriers to trade in order to boost economic growth and create jobs. The agreement also includes provisions on intellectual property, public procurement, and sustainable development.

One of the biggest wins for the European Union is the increased access to the Mercosur market for its exporters. The agreement will eliminate tariffs on 91% of the EU`s exports to Mercosur, with the remaining 9% being subject to tariff-rate quotas. Some of the EU`s key export sectors, such as automobiles, pharmaceuticals, and chemicals, will benefit from the agreement.

On the other hand, Mercosur will gain improved access to the EU market for its agricultural and industrial products. The agreement will eliminate tariffs on 92% of Mercosur`s exports to the EU, with the remaining tariffs being gradually reduced or eliminated. This will benefit Mercosur countries such as Argentina, Brazil, Paraguay, and Uruguay, which are major exporters of agricultural products such as beef, soybeans, and sugar.

However, the agreement has faced criticism from various groups, including environmentalists and human rights activists. Environmentalists are concerned that the increased trade could lead to deforestation and other environmental issues, while human rights activists are concerned about the impact on workers` rights and indigenous communities.

The agreement includes provisions on sustainable development, but critics argue that these provisions are not strong enough to ensure that environmental and social standards are upheld. There are also concerns about the potential impact on small farmers in both the EU and Mercosur, who may struggle to compete with larger agribusinesses.

In conclusion, the release of the European Union Mercosur agreement text is a significant milestone in the long-running negotiations between the two blocs. While the agreement has the potential to boost trade and economic growth, it also raises concerns about the potential impact on the environment, workers` rights, and small farmers. It will be important to monitor the implementation of the agreement and ensure that its benefits are shared fairly.