Asuncion, Jan 17 (Prensa Latina) The trade agreement between Mercosur and the European Union (EU) will be signed in this capital city, with the presence of South American leaders and representatives of the 27-nation bloc from the old continent.

The signing will take place at Jose Asuncion Flores Grand Theater of the Central Bank of Paraguay, where the Treaty of Asuncion, the founding document of Mercosur, was signed on March 26, 1991. The foreign ministers of Brazil, Uruguay, Argentina, and Paraguay will sign on behalf of the South American bloc.

The EU Commissioner for Trade and Economic Security, Maros Sefcovic, will sign on behalf of the European Union.

The President of the European Commission, Ursula von der Leyen, and the President of the European Council, Antonio Costa, will act as witnesses of honor.

The strategic partnership with the EU entails the integration of a market of 800 million people, with a combined gross domestic product equivalent to a quarter of global GDP.

According to Mercosur estimates, this trade flow has a potential of $100 billion.

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