Mercosur, Singapore start talks on free-trade deal
The negotiations for a free-trade deal between Mercosur and the Republic of Singapore started yesterday (Jul. 23), after delegates from both nations met in Puerto Vallarta, in Mexico, where the 13th edition of the Pacific Alliance summit is slated to take place.
“A prospective Mercosur–Singapore agreement should include, among other topics, the trade in goods and services, investment, facilitated commerce, intellectual property, and government purchases,” a note released by the Brazilian Foreign Ministry reads.
Both parties have drawn up a document with the terms for conducting the talks, the first round of which is to be held still this year. The understanding with Singapore is believed to be launched against a backdrop of “great dynamics” stemming from Mercosur’s external agenda.
The Southern Common Market, or Mercosur, is formed by Brazil, Argentina, Paraguay, and Uruguay, with Chile, Peru, Colombia, Ecuador, Guiana, and Suriname as associated members, and Bolivia under admission process.
A by-word for global trade
Singapore is regarded as a by-word for international free commerce, as it boasts a vast experience in trade deals, and over 20 comprehensive agreements. Considered a crucial partner for the trade of international services, the country will be the first member of the Association of Southeast Asian Nations (ASEAN) with which Mercosur starts to conduct talks on trade.
Singapore ranks 16th on the list of top destinations of Brazilian exports, and 36th on the ranking of exporters to Brazil. IN 2017, the trade between the two added up to $3.4 billion.
*With information from Agencia EFE
