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2025-09-17 08:24:41
[MERCOSUR and EFTA Sign Free Trade Agreement] On September 16th, local time, the Brazilian government announced that the Southern Common Market (MERCOSUR) and the European Free Trade Association (EFTA) had signed a free trade agreement. MERCOSUR member states include Brazil, Argentina, Uruguay, Paraguay, and Bolivia. EFTA member states include Iceland, Liechtenstein, Norway, and Switzerland. Negotiations on the free trade agreement between the two countries began in January 2017 and concluded in July of this year. According to a joint statement from MERCOSUR and EFTA, the agreement will facilitate access to 97% of goods on both sides' markets upon entry into force, boosting trade growth. The Brazilian government emphasized that the agreement, reached in July of this year, unites economies with a combined population of 300 million and a combined GDP of over $4.39 trillion, will strengthen market diversification strategies, promote rules-based trade, and create new opportunities for member countries' businesses and workers. Since 2023, MERCOSUR has already concluded a free trade agreement with Singapore and a partnership agreement with the European Union (to be signed before the end of the year). The Brazilian government stated that the signing of the free trade agreement with the European Free Trade Association demonstrates Brazil's firm commitment to values such as multilateralism, sustainable development, and international cooperation. After the agreement is signed, each contracting party will initiate domestic procedures to incorporate the agreement into its national legal system to fully implement the agreement. (CCTV News)
