Mercosur’s Delayed Case of Free Trade Fever

It may have taken 20 years for Mercosur and the European Union to reach an agreement on a trade deal. But since the accord, the South American block seems ready for more.

The surprise agreement has justifiably attracted global attention, but initial reactions have glossed over a crucial element: Though hugely significant on its own, the deal might ultimately be more important as a steppingstone to a series of additional trade agreements for South America’s two biggest economies.

That would be a departure for Mercosur. Historically, the customs union, established in 1991, has...

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