The South American Common Market (Mercosur) and Israel will sign a free trade agreement during the Mercosur summit this week, Israel's Ambassador to Uruguay said Sunday.

    "It's a very broad and complex agreement, with some products getting zero tariffs from the start and others in four years or more," Yoel Barnea told reporters.

    The ambassador refused to give more details about the deal, saying further information will be disclosed after the two-day Mercosur summit to end Tuesday.

    The deal, which was agreed after intense negotiations, would be the only major outcome of the summit, diplomats said.

    The Mercosur summit will be attended by the presidents of the four member states of Argentina, Brazil, Uruguay and Paraguay.

    Chilean President Michelle Bachelet and Venezuelan President Hugo Chavez will also attend the summit. Chile is an associate member of the trading bloc, while Venezuela's full Mercosur membership is still pending approval from Paraguayan and Brazilian lawmakers.

    Argentina, Brazil, Paraguay and Uruguay formed Mercosur in 1991with the aim of creating a South American common market. Chile and Bolivia became associate members in 1996.