Weekly Report - 03 July 2025 (WR-25-26)

Amid the ongoing uncertainty over the future of the free trade deal between the European Union (EU) and the Southern Common Market (Mercosur), the South American trade bloc has managed to close a deal with the European Free Trade Association (Efta), comprising Iceland, Liechtenstein, Norway, and Switzerland – four non-EU countries that participate in the European single market. Although Efta is a much smaller trade partner than the EU, the signing of a trade deal has been celebrated by Mercosur leaders as a sign of the bloc’s continued relevance.