With European Commission President Ursula von der Leyen in South America, it looks like agreement on a trade pact may be in sight after decades of haggling between the EU and Mercosur.
Here is a look at the major deal under negotiation between the European Union and the South American regional bloc.
What is the deal?
The two sides began negotiating in 1999 with a goal of eliminating most import taxes and creating a 700 million customer free-trade area.
Launched in 1991, Mercosur has five countries - but with Venezuela suspended over democratic backsliding, the deal concerns only the founding four: Argentina, Brazil, Paraguay and Uruguay.
South American countries are keen to tap European demand for their beef, poultry, sugar, rice and other commodities - plus minerals such as lithium, copper and cobalt, key ingredients in the clean-energy transition.
The 27-member EU wants to expand the market for its cars, machines and pharmaceuticals.
The two sides reached a preliminary agreement in 2019, but opposition in parts of Europe stalled ratification.
Who would win?
Companies on both continents stand to benefit, tapping a market of 270 million people in Mercosur and 450 million in the EU.
Brussels says the deal would ease access to the South American market for key products including wine - currently taxed up to 27% - spirits and cheese.
Spain's government, which backs the deal, touts its impact for wine and olive oil exports, while Germany hopes to export more cars.
The South American agricultural sector meanwhile hopes to ramp up exports of products including meat, soy and corn. The four countries exported $24 billion in agricultural goods to the EU last year.
Who would lose?
The potential deal has drawn opposition from Europe's agricultural sector, notably in France, where farmers have protested noisily.
French President Emmanuel Macron has warned the deal is "unacceptable as it stands".
European farmers are crying foul over supposedly less-strict regulations on the sector in South America, pointing especially to the industry's role in destroying huge swathes of the Amazon rainforest, a crucial buffer against climate change.
"It's difficult to find the origin of every cow. We don't know how to trace them" to see if farmers followed environmental norms, said economist Maxime Combes.
The deal would eliminate import duties on around 60,000 tonnes of Mercosur beef.
The European Commission argues that is a relatively small amount - about 1.6% of EU beef production.
France is pushing to write the terms of the 2015 Paris climate accord into the deal.
Brazil meanwhile wants exemptions for sectors it considers strategic, such as cars.
What next?
Von der Leyen made a surprise trip to Uruguay this week for a Mercosur summit, saying a deal was "in sight".
If a deal is finalised, EU ratification would require 15 member states accounting for 65% of the bloc's population to approve it, then get a majority green-light in the European Parliament.
