Singapore Upgrades FTA Network – New Agreements with MERCOSUR and China
Singapore signed a new Free Trade Agreement (FTA) with MERCOSUR on 7th December 2023, at the 63rd Summit of Heads of State of MERCOSUR and Associated States in Rio de Janeiro, Brazil. MERCOSUR is an economic and political bloc in South America consisting of Argentina, Brazil, Paraguay, and Uruguay. Negotiations for the MERCOSUR-Singapore Free Trade Agreement (MCSFTA) commenced in 2018. The substantial conclusion of negotiations was announced in July 2022. The five involved nations will now start the domestic ratification process for the deal to come into force. Similar as with other MERCOSUR FTA’S, it will enter into force on a bilateral basis once it is ratified and notified by all partner countries.
The FTA with Singapore is MERCOSUR’s first with a Southeast-Asian country.
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