Sustainability and environmental impact assessments of trade and investment agreements need to address biodiversity more effectively. To showcase this, we examined a report, commissioned by Switzerland, on potential environmental impacts and risks of the trade between Switzerland and the Mercosur under the EFTA–Mercosur Free Trade Agreement. Our analysis focuses on chemical pollution, regulatory impact, duty-free precious minerals, deforestation, and greenhouse gas emission to develop a roadmap for (re-)interpreting (muted) risks on biodiversity in light of the Global Biodiversity Framework. Our analytical approach on normative and substantive effectiveness of impact assessments encourages broader responses to impacts of economic policies on biodiversity and ecosystems.