MONTEVIDEO, Dec. 6 (Xinhua) -- The 65th Summit of the Heads of State of the Southern Common Market (Mercosur), taking place Thursday and Friday in Montevideo, marks a pivotal moment for the South American bloc, according to the participants.

The key event on Friday will be the presidential meeting, preceded by discussions between foreign and economy ministers from Argentina, Brazil, Paraguay, Uruguay, and Bolivia which is in the final stages of full membership.

The surprise arrival of European Commission President Ursula von der Leyen has stirred up anticipation ahead of the summit. Her presence in Montevideo strengthens hopes of finalizing the technical aspects of the Mercosur-EU trade agreement.

"We hope to deliver good news tomorrow," Uruguayan Foreign Minister Omar Paganini said Thursday, referring to the agreement that was first announced as nearly completion in 2019 but was delayed due to obstacles from some European countries, requiring multiple rounds of negotiation.

"All the countries (Argentina, Brazil, Paraguay, Uruguay) have expressed support for the text," said the top diplomat of Uruguay, noting that the agreement was "in its final stages" and that leaders would make their "final decision" on the matter.

Von der Leyen arrived in Montevideo on Thursday afternoon and met with Uruguayan President Luis Lacalle Pou. She will lead the European delegation at the Mercosur-European Union meeting on Friday, ahead of the summit of Mercosur's presidents.

On social media platform X, von der Leyen wrote, "The EU-Mercosur deal is within reach. We're going to work to seal it."

She stressed that "we have the opportunity to create a market of 700 million people" and to establish "the largest trade and investment partnership the world has ever seen. Both regions will benefit."

The meeting is scheduled to begin at 8:30 a.m. local time (12:30 GMT) at the Mercosur building, with a press conference following 50 minutes later, according to the official agenda.

The presidential summit is set to begin at 10:30 a.m. local time, with participation from Lacalle Pou, Javier Milei (Argentina), Luiz Inacio Lula da Silva (Brazil), Santiago Pena (Paraguay), Luis Arce (Bolivia), and representatives from Associated States.

The summit will also serve as the occasion for Uruguay to hand over the six-month presidency to Argentina for the first half of 2025.

This is Milei's first Mercosur summit after missing the July meeting in Asuncion, nearly a year after taking office on Dec. 10, 2023.

Additionally, Panama will join Mercosur as an associated state at this summit, where it will sign the Economic Complementation Agreement with Mercosur's member states.

The gathering is taking place at the permanent headquarters of the bloc, located in Parque Rodo, a green area in the capital that is close to the city center and the shores of the Rio de la Plata. Enditem

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