The Outer

Mercosur embassies in South America celebrate the 33rd anniversary of its founding

By Manal Abdel Fattah

The embassies of Mercosur, or the Common Market for the Countries of the Southern Cone, which includes Argentina, Latin America, Paraguay, and Brazil, celebrated the 33rd anniversary of its founding, at the headquarters of the Argentine Embassy in Egypt.

In his speech, the interim president of the South American group, the Paraguayan ambassador to Cairo, Victor Hugo Peña Barreiro, confirmed that the first free trade agreement signed between the Mercosur group and a country outside the region with Egypt was signed in 2010, and entered into full force starting in 2017.

During his speech on the occasion of the 33rd anniversary of the Common Market for the Countries of the Southern Cone (Mercosur), the interim president of the Common Market for the Southern Cone Countries (MERCOSUR) added that trade exchange between the two sides has witnessed significant growth, but it is natural that we all aspire to increase this exchange to the maximum extent possible. In recent years, the total trade value reached US$3,929 million.

He continued, saying: “We encourage companies and businessmen in Egypt to direct greater attention to the Mercosur countries and increase their exports to those destinations. Our countries want to increase bilateral trade in both directions.

There is no doubt that trade exchange between our two regions will achieve prosperity for Egypt and the Common Market for the Southern Cone Countries.”

The Paraguayan ambassador to Cairo, Victor Hugo Peña Barreiro, confirmed that Mercosur is the second largest open labor market in the world, surpassed only by the European Union.

Citizens of States Parties and even Associated States are citizens of MERCOSUR and can, through facilitated procedures, obtain their legal residency in any of the Member States and accordingly can reside, work and study in any of them.

Furthermore, a driving license issued in one of the State Parties is valid in the other States.

The interim president of MERCOSUR added that since the founding of Mercosur, the founding countries have achieved remarkable progress.

Trade within the region has witnessed significant growth, as trade and investment opportunities have increased and are still expanding, within the framework of competitive integration of national economies into the global market.

A common external tariff was implemented, and a unified trade policy towards other countries and multilateral organizations was adopted.

There is also coordination between the macroeconomic and sectoral policies of Mercosur member states.

Economic and trade growth was not the only aspect of Mercosur’s development.

Cooperation agreements have been reached covering multiple areas such as human rights, immigration, environment, culture, science, security, and others.

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