European Commission Advances Mercosur Agreement
Uruguay and Argentina ratified the Mercosur deal on Thursday.
Mercosur links markets of over 700 million people, driven by U.S. tariffs and China's restrictions.
21 of 27 European Union member states supported the deal, with France opposing.
Beef farmers warn the pact will depress prices.
European Parliament referred the agreement to the Court of Justice, which could take two years.
Supporters compare the deal to Comprehensive Economic and Trade Agreement, which was applied in 2017.