Mercosur concludes free trade agreement with Singapore

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Mercosur announced this Wednesday (20) the conclusion of negotiations for the free trade agreement between the bloc and Singapore, informed the Ministries of Economy and Foreign Affairs of Brazil.

The agreement, finalized during a Mercosur meeting in Paraguay, involves tariff and regulatory issues, such as services, investments, government purchases, intellectual property and trade defense, in addition to providing for commitments in financial services and the movement of people.

According to the Brazilian government’s note, the signature could generate an increase of R$ 28.1 billion in the country’s GDP (Gross Domestic Product) between 2022 and 2041. For the same period, the ministry estimates an increase of R$ 11.1 billion in investments, BRL 21.2 billion in Brazilian exports to the Asian nation and BRL 27.9 billion in imports.

“[O acordo] will contribute to attract investments to the region, insert Brazil in global value chains and strengthen relations with one of the most dynamic regions in the world”, said the folders in the note.

The flow of goods trade between Brazil and Singapore totaled US$ 6.7 billion in 2021, positioning the country as the sixth main destination for Brazilian exports of goods, according to the ministries.

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