OSAKA, JAPAN - JUNE 29: Germany's Chancellor Angela Merkel and France's President Emmanuel Macron talk with Argentina's President, Mauricio Macri, during the announcement of a trade agreement between the European Union and Brazil, Argentina, Uruguay and Paraguay on June 29, 2019 in Osaka, Japan.

The European Union and four South American countries put an end to 20 years of trade discussions last month, but it is not yet clear whether their deal will ever see the light of day.

Brazil, Paraguay, Uruguay and Argentina agreed to open their markets to the 28 EU member states, despite recent criticism of multilateralism across the world. However, the trade deal is raising concern in some countries with strong agricultural sectors, such as France and Ireland. EU member states still have to ratify the agreement before its implementation as well as the European Parliament, and in some cases the national parliaments in different capitals will have their say too.

"Ratification in Europe is likely to be far from straightforward," analysts at research firm Teneo Intelligence said in a note earlier this month. "The risk of a failed vote would be significant," Teneo added.

In the case of the European Parliament, the chamber is mostly made up of centrist parties, which in theory should give a clearer path for adoption. However, "long-established divisions" within the Socialist members of the European Parliament could lead some center-left politicians to vote against the deal, Teneo also said. The same trade deal will also have to be approved by the four South American countries, which together form what's called the Mercosur trading bloc.