Mercosur and Singapore sign a trade agreement; announcement will be made at the summit on the 7th

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Negotiations lasted two years. The document will allow the exchange of technologies and an increase in trade flow between signatory countries. Mercosur countries reached an agreement to create a free trade area between the economic bloc and Singapore. The agreement – ​​the first between the South American group and a Southeast Asian country – will allow both sides to expand trade flows, have greater predictability and better conditions for expanding investments. According to sources involved in the negotiations, the agreement will be announced on December 7th, at the Mercosur summit, in Rio de Janeiro. Singapore is one of the largest financial investors in Brazil through sovereign wealth funds, especially in sanitation and infrastructure. Milei’s Argentina should not break with Mercosur, say Brazilian experts Negotiators interviewed by GloboNews highlight that this agreement reinforces the strong commitment of Mercosur and Singapore to deepening their commercial relationship, in addition to opening doors to new opportunities for companies. In April, the Minister of Foreign Affairs of the Republic of Singapore, Vivian Balakrishnan, was in Brasília and met with the Minister of Foreign Affairs, Mauro Vieira, to talk about the agreement. The representative of Singapore also had meetings with the vice-president and minister of Development, Industry and Commerce and Services, Geraldo Alkimin, and with the Minister of Finance, Fernando Haddad. The negotiations involved more than 100 negotiators and experts from Mercosur and Singapore, in different technical groups. In 2021 alone, trade exchange between the bloc and the Southeast Asian country reached around 7 billion dollars. Among Mercosur’s main export products are poultry products, railway alloys, pork and beef and iron minerals. Among the bloc’s main import products are insecticides, integrated circuits, medicines and vessels.

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