The President of the European Commission, Ursula von der Leyen, speaking of the trade deal with the Mercosur countries, stated: “Our agreements with Mercosur and Mexico are important milestones for the EU’s economic future. We are continuing to diversify our trade, foster new partnerships and create new business opportunities”. EU businesses, she added, “and the EU agri-food sector will immediately reap the benefits of lower tariffs and lower costs, contributing to economic growth and job creation. The EU is already the world’s biggest trading block, and these agreements will cement this position”. The deal with Argentina, Brazil, Paraguay and Uruguay (EU-Mercosur Partnership Agreement) “will create – according to the EU Commission’s statement – the world’s biggest free trade zone, covering a market of over 700 million consumers. EU firms will enjoy first-mover advantage, benefitting from lower tariffs in a region where most other countries face high tariffs and other barriers to trade”. It is estimated the agreement can increase EU annual exports to Mercosur by up to 39% (€49 billion), supporting more than 440,000 jobs across Europe. “It will reduce often prohibitive Mercosur duties for EU exports, including on key industrial products, such as cars (currently 35%), machinery (14-20%), and pharmaceuticals (up to 14%)”.