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Mercosur’s Delayed Case of Free Trade Fever

By Benjamin N. Gedan, Nicolás Saldías

The agreement with the European Union means more than trading with Europe.

It may have taken 20 years for Mercosur and the European Union to reach an agreement on a trade deal. But since the accord, the South American block seems ready for more.

The surprise agreement has justifiably attracted global attention, but initial reactions have glossed over a crucial element: Though hugely significant on its own, the deal might ultimately be more important as a steppingstone to a series of additional trade agreements for South America’s two biggest economies.

That would be a departure for Mercosur. Historically, the customs union, established in 1991, has...

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