The preliminary trade deal between Mercosur (Brazil, Argentina, Uruguay and Paraguay) and the EU, if implemented in full, would boost potential growth in the bloc, perhaps by as much as 0.75-1.0%-pt. But with a lengthy phase-in period for some measures, it could take a few decades for the gains to be fully realised. And in the near-term, there is a risk that the agreement gets bogged down in legislatures.
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