After more than two decades of negotiations, the EU–Mercosur Agreement creates one of the world’s largest free trade areas, connecting over 700 million consumers. It offers Mercosur preferential access to the EU’s high-income market for agri-food and bioeconomy exports, while providing the EU improved access to Mercosur markets for industrial goods, machinery, automobiles, and services. This structural complementarity drives mutual gains rather than zero-sum competition, enhancing economic resilience, investment flows, and supply-chain diversification for both partners in a fragmenting global order.