Weekly Report - 22 January 2026 (WR-26-03)

No trade agreement has had more signing ceremonies over the years than the one between the European Union (EU) and Mercosur. The latest such ceremony, hosted by Paraguay’s President Santiago Peña in Asunción on 17 January, appeared to be the most consequential so far, coming fast on the heels of the deal’s approval by the European Council – but it still might ultimately amount to nothing. This is because the European Parliament, the final hurdle lying in wait for the deal, narrowly voted to approve a motion days later to obtain a legal opinion from the European Court of Justice (ECJ) about its legality in a clear stalling tactic.