MERCOSUR MEETING HIGHLIGHTS

Mercosur has adopted two important decisions during the meeting of the Council of the Common Market (CMC) held yesterday:

• conclusion of Free-Trade Agreement (FTA) negotiations between Mercosur and Singapore;
• reduction of Mercosur’s Common External Tariff (TEC) by 10% (similar measure had already been unilaterally implemented by Brazil, according to Resolution GECEX No. 269/2021).

The meeting also included debate on the possibilility of the bloc’s members to negotiate commercial agreements individually, loosening Mercosur’s current rules, especially due to the formal initiation of FTA negotiations between Uruguay and China.