Business English Reading Comprehension: EU Free Trade Deal with MERCOSUR

📚 Key vocabulary for this topic
free trade agreement — a treaty between two or more countries to reduce or eliminate trade barriers
tariff — a tax imposed by a government on imported or exported goods
trade bloc — a group of countries that have agreed to trade with each other on preferential terms
market access — the ability of companies to sell products and services in a foreign country's market
ratification — the formal process by which a country's legislature approves and adopts a treaty
agricultural sector — the part of the economy involved in producing food and other raw materials from farming
non-tariff barrier — a restriction on trade other than customs duties, such as quotas or regulatory requirements
trade surplus — when a country's exports exceed its imports in value
bilateral trade — commercial exchange between two specific countries or trading blocs
sustainability clause — a provision in a trade agreement requiring adherence to environmental and labor standards