The European Union and the Mercosur bloc formally signed a long-awaited free trade agreement on Saturday in Asuncion, Paraguay, after more than 25 years of negotiations.

European Council President Antonio Costa and European Commission President Ursula von der Leyen attended the ceremony alongside leaders from several Latin American countries, as officials posed for a family photo and representatives signed the deal on stage.

Von der Leyen said the agreement aimed to deliver “real and tangible benefits” for people and businesses.