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After 20 years of negotiations, the EU and Mercosur have reached an agreement on a trade deal. The agreement, which will eliminate around €4 billion in duties each year and will see farmers in the Mercosur group gain considerable access to beef, sugar and ethanol markets, much to the despair of various EU farmer groups. At the same time, EU exporters will benefit from the slashing of high tariffs on products such as chocolates, wines, spirits and soft drinks, and there will be tariff-rate quotas for dairy products, notably cheese.

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