Gregory Ross, associate for Brazil and the Southern Cone at McLarty Associates: “Since launching negotiations in Asunción in 2018, Canada and Mercosur have faced a shifting trade landscape. Both Canada and Brazil, each about $2.2 trillion economies, now face steep and unpredictable U.S. tariffs despite historically integrated trade ties with Washington, accelerating their push for export diversification. For Canada, an agreement could reduce reliance on the United States, easing Mercosur market barriers for its machinery and industrial exports. For Mercosur, it would add to recent momentum following deals with Singapore and the four-state EFTA bloc and complement its E.U. pact, which, if ratified, would create a free trade zone of 700 million people. For Mercosur’s smaller members—though subject to less punishing U.S. tariffs—Canada also offers greater global access. Paraguay aims to build on newly opened North American markets for its beef by securing additional opportunities for emerging sectors like…”