135 TITLE: European Union–Mercosur Partnership Agreement DOCUMENT TYPE: Bilateral agreement DOCUMENT LOCATION: https://policy.trade.ec.europa.eu/eu-trade-relationships-country-and-region/ countries-and-regions/mercosur/eu-mercosur-agreement/text-agreement_en DATE: 17 January 2026 European Union–Mercosur Partnership Agreement – Impact on the national olive oil sector EDUARDO LOPES Office of Planning, Policy and General Administration (GPP) Reference Nature and scope of the Agreement Following more than two decades of a complex and demanding negotiation process, the European Union (EU) and the four founding countries1 of the regional economic bloc known as the ‘Southern Common Market’ (Mercosur) signed, on 17 January 2026 in Asunción, Paraguay, the Partnership Agreement and the Interim Agreement on trade. The latter, which covers exclusively the liberalisation of trade and investment, will function as a stand-alone instrument until the EU–Mercosur Partnership Agreement is ratified and enters into force2 . The Partnership Agreement will establish the world’s largest free trade area, covering a market of over 700 million consumers, of whom approximately 270 million reside in Mercosur countries. Strategic importance for Portugal and the case of Brazil For Portugal, the Agreement is a key instrument for strengthening and consolidating national exports of agricultural and agri-food products to Mercosur. 1 Argentina, Brazil, Paraguay and Uruguay. Venezuela, although a full member, has been suspended since 1 December 2016. Bolivia is currently undergoing regulatory alignment to finalise its full accession. Once this process is complete, it will be able to begin negotiations for its integration into the EU–Mercosur Partnership Agreement. 2 Subject to ratification by all Member States.
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