Argentine and Brazilian exports to Mercosur countries in 2021 were just 17.9 and 6% of their respective total exports.

Source: https://worldcrunch.com/business-finance/latina-america-common-currency-brazil-argentina

As a result of Argentina's decision, a potential round of negotiations set for Rio de Janeiro during the Mercosur meeting was canceled, according to the report.

Source: https://www.politico.eu/article/eu-and-mercosur-give-up-on-clinching-trade-pact-next-week-report/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication

Brazilian President Luiz Inácio Lula da Silva arrived in Spain on Tuesday on the second stop of a European tour aimed at resetting relations and making progress on a long-delayed trade deal between the European Union and the South American bloc Mercosur.

Source: https://www.euronews.com/2023/04/26/brazils-lula-visits-spain-for-meetings-with-south-american-trade-on-the-agenda

Separately, fresh from agreeing trade deals with New Zealand and Chile, the EU is seeking deals with Australia, Mexico and the Latin American Mercosur bloc by the end of 2023, she said.

Source: https://www.marketscreener.com/quote/currency/US-DOLLAR-RUSSIAN-ROUBL-2370597/news/EU-s-von-der-Leyen-says-she-will-tackle-US-green-subsidies-overcome-e-fuels-impasse-43165958/?utm_medium=RSS&utm_content=20230305