The conclusion of the negotiations on an association agreement between Mercosur and the European Union (EU), the first bi-regional agreement in history, anticipates medium and long-term economic-commercial and political-institutional benefits for Brazil and its partners . The article "Mercosur-European Union Agreement", signed by the Vice-President of the Board of Trustees of CEBRI, Ambassador José Alfredo Graça Lima, and by CEBRI's Project Analyst, Gabriel Torres, summarizes some of the main commitments, benefits and challenges associated with the implementation of the agreement, which will tend to positively impact the productivity of Brazilian industry. In view of the high degree of tariff protection practiced by Mercosur, in general, and by Brazil, in particular, the result of the bi-regional negotiations represents the first concrete initiative on the trade liberalization agenda announced by the current government, signaling to economic agents of different origins the willingness to open up the Brazilian economy.