MERCOSUR and Colombia sign agreement that will release the trade for 97% of the products

BRASILIA--MERCOSUR and Colombia today signed an agreement that will reduce to zero import tariffs of 97% of the commercial tariff items from January 2018. The main beneficiaries are the textile, automotive and steel sectors. The agreement was formalized on Friday, 21, in Mendoza, in Argentina, during the MERCOSUR summit.
"The signing of the new agreement with Colombia is an expression of the willingness of Brazil and Mercosur partners to diversify commercial partnerships, expand integration with the region and intensify the rapprochement with the countries of the Pacific Alliance," says note released earlier by the Ministry of Foreign Affairs.
Data from the Ministry of industry, Trade and services (MDIC), indicate that trade between Brazil and Colombia increased 27% in the first half of this year, compared with the same period in 2016. Last year, sales for this partner had already registered a high of 6%, reaching US $ $2.2 billion, while imports totaled US $ $908 million.