Eight years after Canada launched free trade negotiations with the Mercosur bloc of nations, a Brazilian official says an agreement is on track to be signed by the end of the year.
Paula Barboza, director for extra-regional negotiations and economic governance at Brazil’s ministry of foreign affairs, told The Canadian Press the talks have been propelled by a “political push” as Canada and other nations work to diversify their trade.
“I think we both have these negotiations as a priority for our governments and we are keen to close them as quick as possible,” she said in an interview.
The Government of Canada’s website says:
- Mercosur represents a GDP of over US$3.0 trillion and a population of 282 million.
- Canada’s merchandise trade with Mercosur reached C$15.8 billion in 2024, with Canada’s exports valued at C$3.1 billion and imports valued at C$12.8 billion.
- a free trade agreement with Mercosur could reduce tariffs on Canada’s automotives, information and communications technology, industrial machinery, chemicals and plastics, and forestry exports by up to 35 per cent.
- Other industries that could see lower tariffs include medical goods, pharmaceuticals and aluminum
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