Known as the „Common market of South America,“ the region encompasses around 260 million people. The members of Mercosur are Argentina, Brazil, Paraguay and Uruguay. They represent the fifth largest economy in the world outside the EU, with a gross domestic product per year of 2.2 trillion euros. The European Commission states that “[t]he current EU bilateral trade with Mercosur already totals €88 billion a year for goods and €34 billion for services.
