7/7/2024–|Last update: 7/7/202408:13 PM (Makkah Time)
Brazil announced the entry into force of the free trade agreement between the Union of South American Nations and the State of Palestine, after activating it as the first country in the union to begin working on this agreement.
It is noteworthy that the free trade agreement between the Mercosur Union was signed in December 2011.
The Brazilian Foreign Ministry said that the activation of the agreement by the remaining member states will be discussed at the upcoming summit this month, based on a request from Brasilia addressed to Paraguay, the current president of the session.
The ministry indicated that the terms of the agreements will come into effect within 30 days with the member states, following the official announcement of the activation of the decision.
The agreement stipulates rules to facilitate trade exchange between the EU countries and the State of Palestine and open exchange between the two sides in investments and the services market. It also allows for the removal of customs barriers to trade, facilitating the movement of goods and cooperation in various economic and commercial fields, taking into account fair conditions for competition.
Palestinian welcome
For his part, Palestinian Minister of Economy Mohammed Al-Amour welcomed – today, Sunday – Brazil’s deposit of the ratification document for the Free Trade Agreement of the Union of South American Nations, and its entry into force.
The Mercosur Agreement includes Brazil, Argentina, Uruguay and Paraguay, and according to the procedures stipulated for the agreement to enter into force, the countries party to the agreement must ratify it according to the procedures of each country.
Imports and exports
Palestine imports goods from the Mercosur group, most notably sugar, rice, tea, coffee and meat, while the agreement allows the export of stone, marble, medicines, traditional industries, olive oil and other national export products.
The Palestinian News Agency (WAFA) quoted Al-Amour as saying that depositing the document is a strategic step in implementing the Mercosur Agreement, and a basis for developing and strengthening economic cooperation relations.
He said that the agreement would contribute to enabling Palestinian exports to enter the Brazilian market duty-free, in addition to strengthening investment partnerships between the private sectors in the two countries, expressing his hope that the group’s countries would follow Brazil’s example in accelerating the ratification of the agreement and depositing it for its entry into force in the countries party to the Mercosur Agreement.
