The EU and MERCOSUR have come to an “agreement in principle" on a trade agreement. The agreement was announced on Friday, June 28 and on Monday July 1, the European Commission released the text of the agreement, which can be found here.
The EU is the first major partner with which MERCOSUR has agreed to a trade agreement. Under the agreement, the EU will get tariff reductions on goods such as cars and wine and increase access for its companies making industrial products. MERCOSUR hopes to see an increase in exports of farm products with tariff reductions and quotas on beef, sugar and poultry.
The full and final text of the agreement still needs to be drafted and approved.