Argentina said Wednesday that it has sent the regional bloc Mercosur its ratification of the group’s 2010 trade agreement with Egypt, and the pact will go into force within a month.
The trade deal, which covers food, cars, auto parts and industrial supplies, was signed by Egypt and Mercosur members Argentina, Brazil, Uruguay and Paraguay in 2010, but it did not go into effect because Argentina’s Congress had not approved it.
Argentina’s Congress signed off on the deal in May and Argentina has sent Mercosur its formal ratification, the last step needed for implementation, Argentina’s production ministry said.
“In 30 days the agreement will be in full force,” the ministry said in a statement on Wednesday.
The deal will eliminate tariffs on 60 percent of Argentina’s exports immediately and phase in reduced tariffs for other products over 10 years, the ministry said.
Tariffs in Argentina on imports of beef, pears, apples and cars and auto parts from Egypt will also be lifted, it added.
The announcement comes as Mercosur has been seeking to finalize trade deals with other blocs and countries, includingthe European Union, Canada and South Korea, after pro-business governments took office in Argentina and Brazil.
Argentina: Mercosur-Egypt trade deal to go into force in a month