The long-awaited deal creates one of the world’s largest free trade areas with 720m potential consumers. The long-awaited trade deal between the European Union and South America’s Mercosur bloc has provisionally come into effect, boosting business ties amid tariff threats and deepening uncertainty around global cooperation. The pact took effect on Friday after 25 years of negotiations, creating one of the world’s largest free trade areas, with 720 million potential consumers and an estimated value of $22 trillion. Recommended Stories list of 3 items list 1 of 3 Lula threatens to walk away if further delays to EU-Mercosur trade deal list 2 of 3 Why has signing the EU-Mercosur deal been delayed? list 3 of 3 EU-Latin America trade deal: Who wins? end of list The agreement is only provisionally in effect because it is being challenged by the EU ’s judiciary. They are fighting against European Commission President Ursula von der Leyen’s move to sidestep the EU parliament and provisionally enact the deal.…