Brazil's President Luiz Inacio Lula da Silva, hight, and German Chancellor Olaf Scholz, after a press conference at Planalto Palace, in Brasilia, Brazil, Jan. 30, 2023.

Explained: Why the EU-Mercosur trade deal could finally be ratified this year

Negotiations between the two blocs — Mercosur includes Brazil, Argentina, Uruguay and Paraguay — started in 2000 and were concluded in June 2019.