São Paulo – Brazil deposited its instrument of ratification of the Free Trade Agreement between Mercosur and Palestine, causing the treaty to come into force between Brazil and Palestine in thirty days. The instrument was deposited to Mercosur member Paraguay on July 3, according to information from Brazil’s Ministry of Foreign Relations.
Since Palestine had deposited its own ratification on April 30, the agreement will now come into force between the two countries. For the other Mercosur members – Paraguay, Argentina, and Uruguay – the instrument will only come into force thirty days following the receipts of their own ratification deposits, when they occur.
Palestine-Mercosur agreement
The agreement between Palestine and Mercosur was signed on December 20, 2011. According to the ministry, it’s a goods market opening agreement, with a further-developments clause on potential understandings down the road on accessing services and investment markets.
The ministry added the agreement deals on trade in goods; rules of origin; Brazilian safeguards; technical regulations, standards, and conformity procedures; sanitary and phytosanitary measures; technical and technological cooperation; institutional and dispute settlement provisions.
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According to the ministry, the agreement is a tangible contribution towards an economically sound Palestinian state that can coexist peacefully and harmoniously with its neighboring countries and strengthens the normative framework for expanding trade between the Mercosur and Middle East states. Out of the other Arab countries, the Mercosur has only had a free trade agreement with Egypt since 2017.
Translated by Guilherme Miranda
