A new free trade agreement with South American partners is set to boost Portuguese exports of wine and olive oil by reducing tariffs and opening distribution channels. The deal also creates new market access for Portuguese cheese, presenting export opportunities for dairy producers. However, the agreement could put pressure on domestic beef, pork and poultry sectors, which may face increased competition and potential job and price impacts. Policymakers and industry groups will need targeted measures to support vulnerable meat producers while maximising gains for high-value agri-food exporters.