Long-awaited EU-Mercosur trade pact set for signing

The European Union and South American bloc Mercosur are set to sign an agreement Saturday, more than 25 years in the making, to create one of the world's largest free trade areas. Agreed in Brussels last week, despite opposition from European farmers who fear for their bottom line, the pact is finally set to be signed in the Paraguayan capital Asuncion.

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.