Lula, Von der Leyen hail EU-Mercosur trade deal as key for prosperity, multilateralism

Brazil's President Luiz Inácio Lula da Silva and EU chief Ursula von der Leyen on Friday hailed a trade deal between the EU and South America's Mercosur nations as key for prosperity and multilateralism.

After the pair met in Rio de Janeiro, Lula said the deal, which will be signed Saturday after 25 years of negotiations as "very good, especially for the democratic world and for multilateralism."

Von der Leyen praised Lula's role in negotiations, and said the deal "sends a powerful message... this is the power of partnership and openness. And this is how we create real prosperity."

The deal between the EU and Mercosur nations Argentina, Brazil, Paraguay and Uruguay, was agreed in Brussels last week despite fierce opposition from European farmers.

They fear the deal will lead to an influx of cheaper South American products due to production standards considered less stringent.

Thousands have been protesting in France, Poland, Ireland, and Belgium in recent days.

Together, the EU and Mercosur account for 30 percent of global GDP and more than 700 million consumers.

The treaty eliminates tariffs on more than 90 percent of bilateral trade.

Von der Leyen will head to Asunción in Paraguay for the signing ceremony, which Lula will not attend. His office said the signing had been initially planned as a ministerial-level event, and Paraguay issued "last-minute" invites to presidents.

In addition to host president Santiago Peña, Uruguay's president YamanduúOrsi will also attend the signing.

Argentina's leader Javier Milei is expected to attend.