(CNN) After more than 20 years of negotiations, Mercosur and the European Union reached a comprehensive trade agreement in Brussels on Friday.

"The new trade framework -- part of a wider Association Agreement between the two regions -- will consolidate a strategic political and economic partnership and create significant opportunities for sustainable growth on both sides," a European Union news release said.

#Mercosur #trade deal done! A historical moment. In the midst of international trade tensions, we are sending a strong signal that we stand for rules-based trade. Largest trade agreement 🇪🇺 has ever concluded. Positive outcome for environment & consumers.https://t.co/AE5z78c81J — Jean-Claude Juncker (@JunckerEU) June 28, 2019

The deal impacts a combined population of more than 780 million people, and would save more than $4.5 billion worth of duties per year, according to European Commission President Jean-Claude Juncker, who declared it the largest trade agreement the European Union has ever concluded.

"In the midst of international trade tensions, we are sending today a strong signal with our Mercosur partners that we stand for rules-based trade," he said.