Brazil's President Luiz Inacio Lula da Silva and EU chief Ursula von der Leyen have hailed a trade deal between the EU and South America's Mercosur nations as key for prosperity and multilateralism.

Jan. 16 (UPI) -- Brazilian President Luiz Inacio Lula da Silva will not attend Saturday's signing ceremony in Asuncion, Paraguay, for the free trade agreement between Mercosur and the European Union -- a decision that has sparked diplomatic tensions within the South American bloc.