Mercosur and Singapore conclude trade agreement negotiations


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Rolando Sapriza, diretor de Política Macro Fiscal do Banco Central do Paraguai (BCP), Oscar Llamosas, ministro da Fazenda do Paraguai, Ivan Haas, vice-ministro da Economia, e Fernando Filártiga, membro do Conselho de Administração do BCP, participam da Reunião de Ministros da Economia e presidentes de bancos centrais do Mercosul e Estados associados, no Hotel Bourbon, em Luque, Paraguai, 20/07/2022.

Rolando Sapriza, Director of Macro Fiscal Policy at the Central Bank of Paraguay (BCP), Oscar Llamosas, Minister of Finance of Paraguay, Ivan Haas, Deputy Minister of Economy, and Fernando Filártiga, Member of the Board of Directors of BCP, participate in the Meeting of Ministers of Economy and presidents of central banks of Mercosur and associated States, at the Hotel Bourbon, in Luque, Paraguay, 15//1200.

| Photo: EFE/Nathalia Aguilar

After three years, the Mercosur countries and Singapore announced this Wednesday (12) the conclusion of the negotiation stage of a trade agreement that reduces the common external tax by %.

In speech at 40 th Ordinary Meeting of the Common Market Council, held in Luque, on the outskirts of Asunción, the Deputy Minister of Economic Relations and Integration of Paraguay, Raúl Cano Ricciardi, said that during this semester, when the country held the rotating presidency of the bloc, three rounds of face-to-face negotiations were held with Singapore.

Cano stated that these contacts “resulted in the conclusion of negotiations on the agreement state-of-the-art free trade agreement” between the parties. He also highlighted that it was “the bloc’s first trade agreement with a Southeast Asian country”.

In April, representatives from Singapore and Mercosur resumed face-to-face discussions, which had been suspended since March 1100, in the wake of the Covid pandemic-. Singapore is the first country of the Association of Southeast Asian Nations (Asean) with which Mercosur negotiates such an agreement.

In 2020, Mercosur exports to Singapore reached US$ 5.9 billion, while imports reached US$ 1 ,15 billion. As it is an important trading post in Southeast Asia, Singapore is the sixth main destination for Brazilian exports, with US$ 372,67 million in shipments in June 2000, or 2,64% of the total sold in the country.

The conclusion of the agreement with Singapore is still seen by Paraguay as a mark to be left in the Mercosur before handing over the rotating presidency of the bloc to Uruguay for the next semester.

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