President of the European Commission, President Ursula von der Leyen, has said that she will see to it that the EU will cement a free trade agreement between the EU and Mercosur, an economic/political bloc made up of Argentina, Brazil, Paraguay and Uruguay, as soon as this year. She made the promise while appearing at a press conference with Brazilian President Luiz Inacio Lula da Silva on Monday.

Von der Leyen noted the deal would allow investments to flow as it aided in the reindustrialization of Brazil and created new jobs.

On the European Commission president’s Latin American tour, Brazil was the first stop, with her set to next travel to Argentina, Chile and Mexico to meet with the leaders of each state.

Free trade talks between the EU and Mercusor began in 2000, but later stalled on numerous occasions. In 2019, the two sides completed negotiations for a broad ranging deal, however none of the involved countries has ratified it yet.

The process was stalled during the presidency of the previous President of Brazil, Jair Bolsonaro, due to worries in the EU over his environmental policies, as well as the EU’s desire to protect its farmers from the cheaper imports which would come from Mercosur.

Von der Leyen also called on Brazil to ramp up its partnership with the bloc, adding that Brussels is planning a €10 billion ($10.8 billion) investment in Latin America and the Caribbean.

Von der Leyen said, “And this is only the start because it will be complemented by private investments and by the contributions of our member states,” noting Global Gateway, the EU’s investment plan, would implement the scheme.

The European Commission President also announced a new program to boost the hydrogen production of Brazil, promising, “with this, Europe will invest €2 billion to support Brazil’s production of green hydrogen and to promote energy efficiency in your industry.”