That is what I see today when I look at Portugal, Europe, and Mercosur. We are not only facing positive signs from the Portuguese economy, we are facing something more relevant, a silent repositioning in a world that is changing rapidly.

Portugal enters 2026 with solid fundamentals. Growth above the European average, low unemployment, falling debt and an economy that has shown interesting resilience in an increasingly unstable international context. Strong tourism, execution of the RRP and domestic consumption have sustained this momentum. But the most important thing is not the growth itself. This is what it allows us to build next.

We live in a phase in which geopolitics has returned to the centre of the economy. Europe seeks to reduce dependencies, ensure access to critical raw materials and strengthen its energy security. And it is at this point that Mercosur gains an obvious strategic importance. Brazil and Argentina offer exactly what Europe needs to sustain its energy and industrial transition. Lithium, gas, oil, rare earths, and potential for green hydrogen. We are not talking about marginal opportunities, but about the basis of the economy of the future.

Portugal, due to its history and its natural links to these markets, is in a unique position within Europe. We are not the largest country, nor the most industrialised, but we have something that few have. Ability to connect. Cultural, economic, and even political. We can work as a bridge between the two blocks that will need each other more and more.

At the same time, there is a factor that further reinforces this positioning. Energy. Portugal has been asserting itself as one of the European countries with the highest incorporation of renewable energies. This is not just an environmental achievement. It is an economic and strategic advantage. It reduces external dependence, stabilises costs, and makes the country more attractive for investment. At a time when Europe is looking for energy security, and Mercosur offers resources, Portugal can position itself at the centre of this new equation.

And then there is the industry, often forgotten in this type of analysis. The footwear sector is a good example. Portugal is no longer just a country of production, but a country of production with added value. Quality, flexibility, know-how and proximity to the European market make international brands choose to produce here. This model can be replicated in other areas. Portugal can not only produce but also integrate more complex value chains, connecting markets, resources, and knowledge.

But there is an essential point that cannot be ignored. The current growth is not entirely structural. The RRP has a significant weight, and this cycle will come to an end. When that happens, the real test begins. Productivity, efficiency, the labour market, and the ability to execute become determinants. The position exists, but it needs to be sustained.

The agreement between the European Union and Mercosur, even with gradual effects, reinforces this reading. It is not just a trade agreement; it is a strategic signal. Europe wants to diversify and build new relationships. And this opens up space for countries that can intermediate these connections efficiently.

Portugal may be one of these countries.

It has stability, it has international credibility, it has talent and it has a unique position that results from its history. It is not just a question of geography; it is a question of identity. To know how to operate between different realities and turn this into an economic advantage.

In the end, what this news shows us is not just a good moment for the Portuguese economy. They show a rare opportunity. The possibility of Portugal no longer being seen as peripheral and assuming a more central role in a new global economic organisation.

The question is not whether the country is well-positioned.

The question is whether he will take advantage of this positioning.