Brazil's lower legislative body, the Chamber of Deputies, has ratified the Mercosur-Israel free trade agreement following a visit to Brazil by Israeli President, Shimon Peres.
The agreement was originally signed in 2007 between Israel and the Southern Common Market (Mercosur), whose members are Argentina, Brazil, Paraguay, and Uruguay; Venezuela, Colombia, Chile, and Ecuador are in the process of joining Mercosur. Paraguay and Uruguay have already ratified the agreement. Argentina has yet to ratify the FTA. On Brazil's part, final approval must be gained in Brazil’s National Congress for ratification with that country to be completed.
When the FTA is fully ratified, it will progressively remove 90% of trade tariffs between Mercosur and Israel.
Trade between Israel and Brazil has grown rapidly in the last few years, reaching a historical record of USD1.6bn in 2008 – a figure over three times higher than in 2002. The multilateral FTA with the region is the only such agreement that Israel currently has in place.
During the visit to Brazil by Israel, a bilateral tourism agreement was also signed.
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