After more than 25 years of negotiations, the European Union (EU) and the Mercosur countries have reached and signed one of the world’s most ambitious trade agreements. The EU–Mercosur Free Trade Agreement (Agreement) is not only economically significant, but also politically emblematic for a commitment to rules‑based trade at a time of geopolitical fragmentation. The Agreement creates a free trade area covering more than 770 million consumers across Europe and South America, representing around 25%…