Macri described the agreement as "a clear signal to the world that we want Mercosur
to be a competitive, dynamic bloc, with clear rules of the game to invest and do business."
The Japan-EU deal alone includes countries that together generate one-third of global GDP, while the Mercosur
agreement embraces a quarter of worldwide GDP.
The FTA will provide an opportunity to address trade deficit with Mercosur
In order to achieve greater market access in the region, the Ministry of Commerce signed a Framework Agreement on Trade with Mercosur
in 2006 with a view to inking a preferential trade agreement (PTA) leading to a free trade agreement (FTA), the secretary added.
has asked for a 15-year transition period for the import of European vehicles and auto parts, up from the 10 years originally proposed, to cushion the impact on its industry.
In addition, FM Retno invited Argentinean and MERCOSUR
entrepreneurs to attend the Trade Expo Indonesia (TEI) in 2018.
"This represents a significant step toward deepening the important relationship between the Mercosur
Member States and the Republic of Korea," the joint statement said, referring to South Korea's official name.
Pakistan signed a framework agreement on trade with Mercosur
on July 20, 2006 but no further progress was made.
Although Pakistan signed a framework accord on trade with Mercosur
in July 2006, but since then no major advancement has been made.
Kabil stressed the importance of intensifying efforts to achieve a balance in trade between the two sides, which is strongly leaning in favor of Mercosur
countries, especially after the entry into force of the free trade agreement in early September, which will contribute to increased trade flow, economic cooperation and joint investments between Egypt and Mercosur
Signed in 2010, the agreement outlines bilateral trade between Egypt and Mercosur
, through which 63 per cent of its exports will be covered immediately, becoming eligible for import tax exemption, said a statement.