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Mercosur Agreement between Palestine and Brazil Enters into Force

Mercosur Agreement between Palestine and Brazil Enters into Force

Ramallah – Ma’an – Minister of National Economy Mohammad Al-Amour welcomed, on Sunday, the deposit by the government of the Federative Republic of Brazil of the document ratifying the Mercosur Free Trade Agreement and its entry into force between the two countries.

The Minister considered the deposit of the document a strategic step in implementing the Mercosur Agreement and a basis for developing and strengthening economic cooperation relations.

The Minister said, “The entry into force of the agreement is an important pillar in developing the bilateral relationship, and will contribute to enabling Palestinian exports to enter the Brazilian market exempt from customs duties, in addition to strengthening the establishment of investment partnerships between the private sectors in both countries.”

The Minister added, “We hope that the countries of the group will expedite the ratification of the agreement and its deposit for its entry into force in the countries party to the Mercosur Agreement.”

The Minister
expressed his thanks and appreciation to Brazil, its presidency, government and people, for its supportive stances towards the Palestinian cause, at the political and economic levels, and for its efforts to stop the Israeli aggression against the State of Palestine.

The Brazilian government’s deposit of the ratification document for the agreement is the culmination of the efforts made by the Ministry of National Economy and its partners with the Brazilian side through official meetings with the aim of completing the procedures for ratifying the agreement and entering it into force.

The Mercosur Agreement includes the countries (Brazil, Argentina, Uruguay, Paraguay), and according to the procedures stipulated for the agreement to enter into force, the countries party to the agreement must ratify the agreement in accordance with the legal internal procedures of each country and it is deposited in the depository center.

Palestine imports sugar, rice, tea, coffee, meat and other goods from the Mercosur group,
while the agreement provides an opportunity to export stone, marble, medicines, traditional industries, olive oil and other national export products.

The agreement allows for the removal of customs barriers to trade, facilitating the movement of goods, and increasing investment and cooperation opportunities between the two countries in various economic and commercial fields, taking into account fair conditions for competition, and contributes to the embodiment of future cooperation in many promising sectors.

The ministry indicated in its statement that many activities were implemented to activate the bilateral relationship with Brazil, including participation in the Arab-Brazilian Economic Forum, and holding a meeting between the Palestinian private sector and its Brazilian counterpart to present investment opportunities in Palestine. The Hebron Chamber of Commerce and Industry and its Arab-Brazilian counterpart also signed a memorandum of understanding to establish joint cooperation.

Source: Maan News Ag