After more than two decades since negotiations began, a new window of opportunity is now open for the agreement between the European Union and Mercosur to be ratified. Thus, in the coming weeks, the focus will be on the negotiations led by Spain and Brazil, which will assume the presidencies of the European Union and Mercosur, respectively.
If concluded, this agreement will create one of the largest free trade areas in the world, with more than 780 million people, representing 20% of the world’s GDP and 30% of global exports.
What will be the main opportunities and challenges for both blocs? What challenges are the negotiations facing? How can trade relations between Portugal and Brazil be strengthened with the entry into force of the agreement?