EU is Brazil's second-largest trading partner, following China. In 2023, trade between Brazil and the bloc accounted for 16 percent of the country's total foreign trade.

The European Union and four members of the South American trade bloc Mercosur - finalized a free trade agreement. Read more.

IPEA, an economic think tank linked to the Brazilian government, said the treaty would lead to a 0.46% annual increase in the country’s GDP and an almost 1.5% gain in investment flows.