Brazil ratifies free trade agreement with “State of Palestine”

Brazilian President Lula da Silva announced his country’s ratification of the free trade agreement with the “State of Palestine,” signed between the Latin American bloc MERCOSUR and the Palestinian Authority back in 2011.

“The agreement is an important practical contribution to the creation of an economically viable Palestinian state that can coexist peacefully and harmoniously with its neighbors,” the Brazilian Foreign Ministry said in a statement.

The agreement provides for duty-free access for Palestinian industrial goods to MERCOSUR markets and the gradual elimination of tariffs on MERCOSUR exports to Palestine over a five-year period.

In addition, the agreement covers rules of origin, technical regulations, conformity assessment and standards, sanitary and phytosanitary measures, technological cooperation, institutional mechanisms and dispute resolution mechanisms.

At this time, no information has been announced about plans for ratification of the treaty by other MERCOSUR members.

Let us recall that Israel became the first non-Latin American country with which the MERCOSUR bloc signed (2007) and ratified (2009) a free trade agreement.

By Editor

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