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Singapore and Mercosur substantively conclude Free Trade Agreement Negotiations

By Pittaluga Abogados - 19/09/2022

Singapore and Mercosur have substantively concluded negotiations on the Mercosur-Singapore Free Trade Agreement (MCSFTA). Singapore Minister for Trade and Industry Gan Kim Yong and Mercosur Ministers jointly announced the news via videoconference on the sidelines of the Mercosur Summit 2022 held in Paraguay.

The MCSFTA is a comprehensive agreement with commitments by Singapore and Mercosur to provide greater access to each other’s markets, through lower tariff rates on products traded, enhanced market access for services that companies provide, and opportunities for companies to access government procurement projects.

The MCSFTA will facilitate greater flows in investment, knowledge and innovation for people and enterprises. Beyond direct economic benefits, the MCSFTA will include cooperation initiatives that facilitate institutional linkages and capacity building efforts. 

Mercosur is a Latin American trade group comprising Argentina, Brazil, Paraguay, and Uruguay. It has a combined population of more than 295 million people and a GDP of US$2.2 trillion. As the first trade deal between Mercosur and Singapore, the MCSFTA is a stepping stone to broader and deeper engagement between the two regions, and presents more opportunities for companies to trade and invest. 

By Pittaluga Abogados - 19/09/2022
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Pittaluga Abogados

Pittaluga Abogados, has initiated its professional practice 20 years ago, as an Intellectual Property Law Firm.

After some years providing a specialized and top level service for foreign clients, many of them among the world premier companies, Pittaluga Abogados obtained a recognized international prestige in said field, which convert it into one of the leaders Intellectual Property Law Firms in Uruguay.

Thus, today in P&A we take pride in emphasizing that our goal has always been and will continue being, to keep a personal relationship with our clients, considering at all times the priorities of our clients as our own, with the belief that each one of them is unique and irreplaceable.