Brazil's parliament has ratified the free trade agreement between the European Union and Mercosur countries (Argentina, Brazil, Paraguay, and Uruguay), dpa reported on Thursday, according to Agerpres.

Brazilian Senate President Davi Alcolumbre said that lawmakers acted in the interests of society after the document cleared the last legislative hurdle in the Senate.

The agreement has already been ratified by Uruguay and Argentina.

It was signed earlier this year in Paraguay after more than 25 years of negotiations and is expected to create a new free trade area with over 700 million consumers.

By reducing tariffs and other trade barriers, the agreement is intended to boost the exchange of goods and services between the two regions.

European Commission President Ursula von der Leyen announced on Friday the provisional entry into force of the agreement, despite the fact that the European Parliament has not yet ruled on the pact and has decided to refer it to the EU Court of Justice for a decision on its legality.

source – AGERPRES