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Argentine ratifies trade Mercosur-Israel trade agreement

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Saturday, September 17th, 2011

As reported in Port2port: 

Trade between Argentina and Israel totaled over US$210 million dollars last year

Argentina ratified last week the free trade agreement reached between Mercosur and Israel. Argentina was the last of the group’s four full members to ratify the agreement that eliminates some tariffs, facilitates trade and the movement of goods and promotes conditions for a fair competition in the newly created space.

Trade between Argentina and Israel totaled over US$210 million dollars last year.

The Mercosur/Israel free trade agreement was sealed in December 2007 and is the first between the South American block and a country outside Latinamerica.

Negotiations were started in 2005 when Israel and Mercosur subscribed a framework agreement to reach an understanding on liberalizing trade. The accord covers 90% of bilateral trade with a calendar of progressive tariff reductions in four phases: immediate, 4, 8 and 10 year