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Brazil, Argentina agree on framework to lower Mercosur tariffs By Reuters

by Mike Robinson

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(Reuters) – Argentine Foreign Minister Santiago Cafiero and Brazilian counterpart Carlos Alberto Franco França on Friday agreed on a framework to reduce Mercosur’s common external tariff, the two countries said.

Mercosur is a group of countries that includes Uruguay, Brazil, Paraguay, Argentina and Brazil. It has been a long-standing discussion to reduce tariffs in order to increase trade among Mercosur members and with the rest of the world.

Brazil and Argentina said that this was a significant step in increasing their competitiveness.

In the statement, Brazil said that Argentina and Paraguay had reached an agreement to cooperate with Uruguay and Paraguay in order to quickly approve a reduction of 10% on tariffs.

Brazil stated earlier that it supported modernizing Mercosur’s rules and reducing tariffs. It called on its partners to join the discussions.

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