Spain on Friday celebrated the approval by EU nations of a vast trade deal with South American bloc Mercosur, championed by business groups but loathed by many European farmers.

The deal is “strategic for Spain and Europe, who not only expand their network of partners and access to new markets, but also strengthen their strategic autonomy”, the Spanish economy ministry said in a statement.

Prime Minister Pedro Sanchez, whose country maintains strong ties with Latin America, wrote on X that the agreement would “forge shared prosperity” with a “sister region”.