They launched the rebooted Trans-Pacific Partnership last year.
Mercosur is much smaller than the revised TPP, but would deliver Canada a deal with Brazil.
A decline in auto product imports will lead a $3.3 billion drop in Canadian imports from the U.S.
"There is no agreement in principle."
The Trans-Pacific Partnership is a fundamentally flawed trade deal that puts much at risk in Canada, with little to offer Canada's economy in return.
Feds pushing for several "progressive" chapters.
This is the first such opportunity since the deal came into effect in 1994, and we are not likely to get another for many years.
Canada is one of 11 countries working to make the trade deal a reality.
Looks like the deal could go ahead without the U.S.