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Argentine Congress confirms Mercosur/Israel free trade agreement

Thursday, March 17th 2011 - 18:14 UTC
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Foreign Affairs minister Hector Timerman twittered congratulations to lawmakers Foreign Affairs minister Hector Timerman twittered congratulations to lawmakers

The Argentine congress ratified this week the free trade agreement between Mercosur and Israel. The accord subscribed in 2007 and already passed by the Senate, was approved in the Lower House by 144 votes, 8 nays and 10 abstentions.

With the Argentine approval the accord becomes effective since all the other Mercosur members, Brazil, Paraguay and Uruguay had already voted legislative confirmation.

“Congratulations to all members of the Lower House for having approved the trade treaty between Israel and Mercosur” said Argentine Foreign Affairs minister Hector Timerman in his twitter. Timerman is scheduled to visit Israel in April.

The Mercosur/Israel free trade agreement was sealed in December 2007 and is the first between the South American block and a country outside Latinamerica.

Negotiations were started in 2005 when Israel and Mercosur subscribed a framework agreement to reach an understanding on liberalizing trade. The accord covers 90% of bilateral trade with a calendar of progressive tariff reductions in four phases: immediate, 4, 8 and 10 years.

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  • GeoffWard

    All these Mercosur Free Trade Agreements . . . .

    I always believed that trading blocs were there to negotiate OPTIMUM trading agreements, not free trade agreements.

    There is no mileage in allowing *free trade* across all economic circumstances that might pertain in whatever future world trade conditions we may encounter.

    Mar 18th, 2011 - 03:08 pm 0
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