Wednesday, October 13, 2010

Buck: Palestinians open trade talks with Mercosur

Trade between the Palestinian territories and the four members of Mercosur – Brazil, Argentina, Uruguay and Paraguay – is minimal.

However, Abdel-Hafiz Nofal, the Palestinian deputy minister for national economy, said that the potential for improvement was significant, suggesting that trade flows could reach as much as $200m a year.

“Mercosur is one of the biggest economies in the world, and we believe that we should reach an agreement as soon as possible,” he added.

The Palestinians already enjoy preferential trade deals with a number of countries and blocs around the world, including the US, the European Union and Turkey.

Finalising a deal with Mercosur is regarded as promising because several Latin American countries boast large minorities with Arab or Palestinian roots.

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