What is Mercosur?
Mercosur is the Southern Common Market – a South American trade bloc established in 1991. Its members are Argentina, Brazil, Paraguay and Uruguay. Venezuela joined in 2012 but its membership was suspended in 2017. In December 2012, the Protocol of Accession of Bolivia to Mercosur was signed. This protocol is pending ratification by the parliaments of Mercosur countries.
Together, Mercosur countries form be the world’s 6th largest economy with a total population of 270 million people.
All Mercosur statistics below refer to the four full Mercosur countries: Argentina, Brazil, Paraguay and Uruguay.
Trade in goods
The EU is Mercosur’s second largest partner in trade in goods, accounting for almost 17% of Mercosur’s total trade in 2024. Mercosur is the EU’s tenth largest partner for trade in goods.
In 2024, the EU’s trade with Mercosur was worth over €111 billion: €55.2 billion in exports and €56 billion in imports. Over 80% of the trade flow was between the EU and Brazil.
Between 2014 and 2024, EU-Mercosur trade in goods grew by over 36%: imports grew by over 50%, while exports grew by 25%.
Trade in services
In 2023 (the most recent year for which there is available data) trade in services between the EU and Mercosur was worth over €42 billion. The EU exported over €29 billion in services to Mercosur while Mercosur exported around €13.4 billion in services to the EU.
EU-Mercosur trade agreement
In December 2024, the EU reached a political agreement with the four founding members of Mercosur: Argentia, Brazil, Paraguay and Uruguay.
In September 2025, the European Commission adopted proposals for Council decisions on the signature and conclusion of two parallel legal instruments: the EU-Mercosur Partnership Agreement (EMPA) and the interim Trade Agreement (iTA). The iTA will expire when EMPA is fully ratified by member states and enters into force.
On 9 January 2026, the Council gave its greenlight to sign the agreements. Next, the agreements will require the consent of the European Parliament before they can be formally concluded by the Council.
Foreign direct investments
The EU is the largest investor in Mercosur countries with an investment stock of around €390 billion in 2023. Even so, both exporters and potential investors face barriers in Mercosur markets.
One of the goals of the EU-Mercosur agreement is to create more stable and predictable rules for trade and investment, through better and stronger rules e.g. in the area of intellectual property rights (including geographical indications), food safety standards, competition and good regulatory practices.
Source: European Council