The EU-Mercosur free trade agreement creates the biggest free trade zone in the world, establishing a common marketplace of 730 million people.
In 2018, Mercosur's exports to the EU were€42.6 billion while the EU's exports to the four Mercosur countries totaled €45 billion in 2018.
Mercosur exports mostly agri-food products to Europe. In 2018, these included food products, beverages, and tobacco (20.5%), vegetable products such as soy and coffee (16.3%), and meats and other animal products (6.1%), according to EU figures.
Europe, meanwhile, will benefit from tariff-free exports of industrial products and cars, which had tariffs of up to 20% for machinery and 35% for cars.