Brazil has given its final approval for a free trade agreement between Israel and the Mercosur bloc. According to a statement of Israeli foreign ministry, this was announced by Brazilian President Lula da Silva when Israeli President Peres and President Lula opened an economic conference in Tel Aviv.Mercosur (Mercadu Comun del Sur) is a common market established between four countries-Argentina, Brazil, Uruguay, and Paraguay. Israel is the first country outside South America to sign a free trade agreement with the bloc. A joint working group was also established between Israel and Brazil to advance and implement the Mercosur agreement. Currently, Brazil is Israel’s largest trade partner in Latin America.