Moscow, July 3 -- Member states of the Southern Common Market (MERCOSUR) and the European Free Trade Association (EFTA) are poised to sign a landmark Free Trade Agreement (FTA) later this year, according to a joint statement following talks between the two trading blocs.
"In light of the progress achieved, MERCOSUR and the EFTA states share the commitment to take the necessary steps to ensure that the Free Trade Agreement is signed in the coming months of 2025," the statement said.
The statement was published during a MERCOSUR summit in Buenos Aires.
It said negotiations between the blocs were launched back in 2017.
"The MERCOSUR - EFTA Free Trade Agreement will create a free-trade zone of almost 300 million people and a combined GDP of...