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Brazil Urges Mercosur-Pacific Alliance FTA

by Mike Godfrey, Tax-News.com, Washington

30 July 2014


Brazil has called for the completion of a free trade agreement (FTA) between the Latin American trade blocs Mercosur and the Pacific Alliance (PA) by the end of this year.

The PA, which consists of Colombia, Chile, Mexico, and Peru, and Mercosur, which comprises Argentina, Brazil, Paraguay, Uruguay, and Venezuela, were set up to lower tax and non-tax barriers to trade in goods and services between their members. However, tariffs remain considerable between the two blocs and they often change.

A treaty between the two blocs was originally slated for 2019 but Brazil is now seeking to have it wrapped up this year.

Speaking ahead of the Mercosur Summit on July 29, 2014, Antonio Jose Ferreira Simoes, Undersecretary-General for South America at the Brazilian Foreign Ministry, said that the PA member states "have already expressed their willingness to work for the liberalization of trade and reduction of tariffs."

Representatives from Brazil held a meeting with Colombia on June 19, 2014, to bring the nation on board with plans to expedite the free trade talks.

TAGS: tax | free trade agreement (FTA) | Chile | Paraguay | Uruguay | Venezuela | export duty | law | tariffs | Colombia | Mexico | Brazil | Peru | import duty | trade | Argentina | services | South America

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