The agreement increases each MERCOSUR member’s opportunities for trade with new markets.

Following the Summit of MERCOSUR Heads of State, the countries that make up the bloc signed an Economic Complementarity Agreement (ECA) (link in Spanish) with Colombia to promote and facilitate trade between the different parties.

“This agreement will allow Colombian exports to grow and will bring real, competitive opportunities,” said María Lacouture, Colombia’s minister of trade, industry, and tourism.

The signing of the ECA also marked the entry into force of the bilateral agreement (link in Spanish) that Argentina’s minister of production, Francisco Cabrera, and Ms. Lacouture signed in April. This eliminates tariffs on trade in vehicles and opens up an annual market for vans, buses, trucks, and cars worth US$700 million.

This is another step forward in the process of rapprochement between MERCOSUR countries and the Pacific Alliance.