The European Parliament has been hearing arguments this week for and against a trade deal agreed in principle between the EU and four members of Mercosur – Brazil, Argentina, Paraguay and Uruguay.
It would ease access for EU exporters to a market of 273 million people with a combined GDP of €2 trillion. It would shave €4 billion a year off existing tariffs, strike a much-needed blow for free trade and benefit European carmakers and South American farmers in particular.
France and Poland are putting up a fight for their own farmers but the FT hopes they'll put collective self-interest first in the end. If they do, that'll be another four economies, including a giant one, with which the UK would be looking forward to freer trade but for Brexit.
Instead, the best it can hope for is a facsimile of the EU deal a few years hence.
