Overview
- Brazil’s Luiz Inácio Lula da Silva meets Ursula von der Leyen and Antonio Costa in Rio on Jan. 16 to discuss next steps before the Asunción ceremony.
- Argentina’s Javier Milei is confirmed to travel to Asunción to participate in the signing.
- The agreement removes EU tariffs on 92% of Mercosur exports and grants preferential access for another 7.5%.
- Together the blocs cover more than 780 million people and roughly a quarter of global GDP.
- The text includes sustainability provisions tied to the Paris Agreement and labor protections aligned with ILO principles, and experts say domestic reforms will shape how much each country benefits.