During the G-20 Summit held last week in Osaka, Japan, Mercosur and the European Union announced that have finalized the terms if a Free Trade Agreement, after a couple of decades of negotiations. Such agreement is one of the largest of such kind on global perspective, comprising an aggregate market of over 750MM people. From the Brazilian perspective, this is a milestone and is aligned with the pledge made by the current Federal Administration to turn Brazil a more open and productive economy. Just to illustrate the relevance of this initiative, before there were only commercial agreements with Egypt, Israel and Palestine. The agreement will produce effects once approved by the legislative bodies of the involved nations and, once this happens (which is estimated to take between 2-4 years), will provide for the immediate zeroing or progressive reduction of over 90% of merchandise traded by the economic blocks.