Singapore (VNA) – The Mercosur (Southern Common Market)-Singapore Free Trade Agreement officially entered into force between Singapore and Argentina on November 1, completing its implementation with all four founding Mercosur member states, according to Singapore’s Ministry of Trade and Industry and the Argentine Embassy in Singapore.
A joint statement issued on the same day said the agreement had previously taken effect with Paraguay, Uruguay and Brazil, marking an important milestone in Singapore’s economic ties with Latin America.
The agreement covers trade in goods and services, investment, government procurement, digital trade, intellectual property and economic cooperation.
Under its provisions, MERCOSUR will eliminate import tariffs on around 96% of tariff lines over a period of up to 15 years, with approximately 25% benefiting from immediate duty-free access. The agreement also establishes common rules of origin and more transparent customs procedures.
The statement noted that Argentina’s position as a major producer of agricultural products and food would support Singapore's efforts to diversify its food sources and strengthen food resilience. The two sides also have considerable scope for cooperation in areas such as energy, infrastructure, logistics, technology and services./.
