Member countries of South America’s leading trade bloc, Mercosur, have reached an agreement to broaden exemptions to common external tariffs, Argentina’s Foreign Ministry spokesperson announced on Wednesday.
Under the new deal, countries will be allowed to add up to 50 additional tariff exemptions to the existing regimes.
Currently, Brazil and Argentina benefit from around 100 exemptions each, while Uruguay and Paraguay have close to 400.
The agreement was notably driven by Buenos Aires, with Argentina pushing for the move to facilitate a potential trade deal with the United States.
Experts say that expanding these exemptions will enable Mercosur to adopt a more flexible trade policy and better protect the individual economic interests of its member states.
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The explosion at King Khalid International Airport in Riyadh on Saturday afternoon killed at least 12 people and injured a further 309, according to Saudi Arabia’s Civil Aviation Authority. The airport remains closed until further notice.
Britain and Israel have reached a temporary compromise over the future of the British Consulate General in East Jerusalem, easing a diplomatic dispute that had threatened to further strain relations between the two countries.
South African judge Navanethem “Navi” Pillay won the Nobel Peace Prize on Friday “for her efforts to promote peace and international law,” the Norwegian Nobel Committee said.
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