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Mercosur-Singapore trade deal takes effect with Argentina, completing rollout

The pact is now in force with all four founding Mercosur states, widening Singapore's tariff-cut access to South American markets across goods, services and digital trade.

Photo: Singapore Business Review

What happened

The Mercosur-Singapore Free Trade Agreement entered into force between Singapore and Argentina on November 1. vietnamnews.vn+3 The agreement had already taken effect with Paraguay, Uruguay and Brazil, so it is now fully in force with all four founding Mercosur member states. vietnamnews.vn+3 Singapore's Ministry of Energy, Trade and Industry and the Argentine Embassy in Singapore announced the milestone in a joint statement. Ministry of Energy, Trade and Industry+2 The agreement covers trade in goods and services, investment, government procurement, digital trade, intellectual property and economic cooperation. vietnamnews.vn+1

Around it

Under the pact, Mercosur will eliminate import tariffs on about 96 percent of products over up to 15 years, with around 25 percent of tariff lines receiving immediate duty-free access. news.cn The agreement also establishes common rules of origin and more transparent customs procedures, and supports expedited clearance of express shipments and perishable goods. vietnamnews.vn+2 The two sides said Argentina's position as a major agricultural and food producer supports Singapore's efforts to diversify food import sources and strengthen food resilience, and that opportunities exist in energy, infrastructure, logistics, technology and services. The Business Times+1

Sources

  1. vietnamnews.vnSingapore, Mercosur trade deal reaches new milestone
  2. Ministry of Energy, Trade and IndustryJoint Press Release for the Entry into Force of the MERCOSUR-Singapore Free Trade Agreement between Singapore and Argentina
  3. Singapore Business ReviewSingapore-Argentina free trade pact enters into force
  4. The Business TimesSingapore, Argentina deepen trade ties as key South American trade pact enters into force
  5. news.cnSingapore-Mercosur trade pact takes effect with Argentina

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