The conventional wisdom that globalisation has gone into reverse and that the world is turning against trade agreements and openness was delivered a major shock last week.
The world’s largest trading entity, the European Union, came to an agreement with four of South America’s biggest economies — Brazil, Uruguay, Paraguay, and Argentina — the four surviving full members of the trading bloc Mercosur, which was till recently the world’s fourth-largest of such blocs. (Venezuela, which was also a member, has been suspended for over two years.) Once free trade begins ...
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