On July, 2022, Uruguayan President Luis Lacalle Pou announced the conclusion of new feasibility study for a Free Trade Agreement (FTA) between the South American country and the People's Republic of China.

As bilateral deals with third parties are prohibited by Mercosur – the South American trade bloc that comprises Uruguay, Argentina, Brazil and Paraguay -, this has led to tensions between Uruguay an its regional partners, with some analysts even stating that this could lead to the gradual dissolution of the bloc.

This market resolves as YES if the presidency of Uruguay signs a Free Trade Agreement with any non-Mercosur country or bloc by the end of 2023. It resolves as NO otherwise.