Germany plans to be among the first EU countries to ratify the partnership agreement between the EU and Mercosur countries, Foreign Minister Johann Wadephul said at the Mercosur summit in the Paraguayan capital of Asunción on Tuesday.
Ratification "will take our political partnership to an even higher level," he said.
Germany aims to reduce dependence on China for the rare earth minerals needed for the technologies of the future through closer cooperation with Mercosur countries. The partnership deal is also seen as a response to US President Donald Trump's protectionism.
Since the beginning of May, the EU and Mercosur countries Argentina, Brazil, Paraguay and Uruguay have been part of a huge free trade area, within which trade barriers will gradually be dismantled to promote trade in goods and services.
Germany sees opportunities in the automotive and pharmaceuticals sectors.
Full implementation is being delayed after the European Parliament decided to pass the agreement's text to the European Court of Justice for a ruling.
Wadephul referred to an historic and groundbreaking agreement to create the world's largest free trade zone of 700 million consumers representing 20% of global output.
"We are determined to make use of this unique opportunity and to demonstrate that our partnership can utilize its full potential for the benefit of our peoples," he said.
The EU has split the agreement into political and trade components. As the trade component falls within the EU's responsibility, it could be agreed by a majority of the member states and signed without ratification by national parliaments.
The political component will go into force only after it is passed by the individual EU member states and Mercosur countries.
Wadephul also held bilateral talks with Chilean President José Antonio Kast and Foreign Minister Pérez Mackenna. He is scheduled to meet Paraguayan President Santiago Peña and Foreign Minister Rubén Ramírez Lezcano.
