The presidents of the Mercosur countries announced this Saturday the launch of negotiations to reach an agreement on tariff preferences with Vietnam, one of the most dynamic economies in Asia.
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The announcement was made in a joint statement released by the members of Mercosur (Argentina, Brazil, Paraguay, and Uruguay) and the Socialist Republic of Vietnam after the bloc’s bi-annual summit, held in the Brazilian city of Foz do Iguazu.
According to the statement, the two parties are finalizing the terms of reference that will serve as the basis for the negotiations.
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“The future agreement represents a milestone in the process of boosting trade between Mercosur and Vietnam, and can contribute to strengthening ties between the Asian country and the South American bloc,” according to the joint statement.
The intention of both parties is to promote the expansion of their trade through the reduction of tariffs and the elimination of tariffs and relevant non-tariff measures, in order to facilitate effective access to markets and ensure that trade flows reflect the potential of their economies.
According to the statement, trade between Mercosur and Vietnam totaled 12.2 billion dollars in 2024.
The start of negotiations with Vietnam was announced after the presidents of Mercosur, after regretting the postponement of the signing of their trade agreement with the European Union (EU), assured that they will continue negotiating with other possible partners while waiting for the Europeans to resolve their differences.
The intention of the leaders was to sign the agreement with the European Union at this Saturday’s Summit, but the European authorities postponed the meeting to mid-January, in Paraguay, due to the difficulties in reaching the necessary support to approve the treaty.
The Paraguayan government, which assumed the temporary presidency of Mercosur this Saturday, stated that its priorities will be to finalize the most advanced agreements, such as those negotiated with the United Arab Emirates and Canada, and to continue talks with Japan, the United Kingdom, Indonesia, and Malaysia.
From teleSUR English via This RSS Feed.