FTA With Third Parties
Recently, with the new cooperation agreement with Mercosur, the Andean Community gained four new associate members: Argentina, Brazil, Paraguay and Uruguay. These four Mercosur members were granted associate membership by the Andean Council of Foreign Ministers meeting in an enlarged session with the Commission (of the Andean Community) on 7 July 2005. This move reciprocates the actions of Mercosur which granted associate membership to all the Andean Community nations by virtue of the Economic Complementarity Agreements (Free Trade Agreements) signed between the CAN and individual Mercosur members.
Colombian president Álvaro Uribe signed a free trade agreement between his country and Mercosur in December 2005, giving Colombian products preferential access to a market of 230 million people. Colombian entrepreneurs will also be able to import materials and capital goods from Mercosur at lower costs due to reduced tariffs resulting from the agreement.
Mercosur signed free trade agreements with Israel in December 2007, with Egypt in August 2010 and with the Palestinian Authority in December 2011.
Read more about this topic: Mercosur
Famous quotes containing the word parties:
“We give lovely parties that last through the night,
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—Noël Coward (1899–1973)