Political changes and economic challenges in Latin America could either stimulate the region`s largest trading bloc or lead to its aging. The two blocs began trading in 2000. They stepped up efforts to reach an agreement after U.S. President Donald Trump`s election victory led the European Union to freeze talks with the United States and seek other global trade allies. The bloc`s highest decision-making body, the Common Market Council, is a high-level forum for the coordination of foreign and economic policies. Every six months, the group`s presidency is in alphabetical order among its full members. Other institutions are the Common Market group, which coordinates macroeconomic policies; A trade commission a Parliament, known as Parlasur, which performs an advisory function; and the Structural Funds, which coordinate regional infrastructure projects. This initiative led the European Union to implement a free trade agreement with Canada and conclude agreements with Japan and Mexico, and the EU has now reached a tentative agreement with Mercosur, a group made up of Argentina, Brazil, Paraguay and Uruguay, after 39 rounds of negotiations. In previous negotiations, the United States had insisted that a single comprehensive agreement be reached to remove trade barriers for products, while strengthening intellectual property protection. Specific intellectual property protection could include copyright protection in the style of the Digital Millennium Copyright Act, similar to the U.S.-Australia Free Trade Agreement. Another protection would likely have limited the importation or importation of drugs, as would the proposed agreement between the United States and Canada.
Brazil adopted a three-pronged approach, calling for a series of bilateral agreements to reduce specific tariffs on goods, a hemispheric pact on rules of origin and a dispute settlement procedure, which proposed that Brazil neglect the most controversial issues of the Free Trade Agreement and leave them to the WTO. The European Union and the South American bloc Mercosur have approved the draft free trade agreement, the two sides confirmed on Friday, ending nearly 20 years of negotiations. After two decades of negotiations, the new free trade agreement has become a reality. Mercosur was born in 1991, when Argentina, Brazil, Paraguay and Uruguay signed the Treaty of Asuncion [PDF], an agreement that called for “the free movement of goods, services and factors of production between countries.” The four countries agreed to abolish tariffs, introduce a common external tariff of 35 per cent on certain imports from outside the bloc and pursue a common trade policy vis-à-vis third countries and blocs. The members of the Charter hoped to create a common market similar to that of the European Union and even considered the introduction of a common currency. The Free Trade Agreement did not reach the 2005 deadline, which followed the cessation of meaningful negotiations at the 2005 World Trade Organization Ministerial Conference. [3] Over the next few years, some governments, particularly the United States, which have no chance of expanding hemispheric trade, have moved toward a series of bilateral trade agreements. However, the heads of state and government planned to continue discussions at the 6th US Summit in Cartagen, Colombia, although these discussions did not take place. [4] [5] The Americas Society and Council of the Americas shows In this interactive mercosur the evolving commercial dynamics of Mercosur.
