Companies that have paid to source agricultural produce that complies with the European Union’s anti-deforestation law would lose out if the EU decides to delay implementing the legislation by a year, industry groups and traders said. Photo: Mlenny/iStock/Getty Images

EU and South America strike trade deal set to hit pushback in Europe

The European Union and South America's Mercosur bloc struck an agreement on a long-delayed free trade deal on Friday which now faces a tortuous battle for approval in Europe, where there is stiff opposition from France. After negotiations spanning over 20 years, and five years on from an initial deal, European Commission President Ursula von der Leyen and her Mercosur counterparts announced an agreement had been reached in the Uruguayan capital Montevideo.