Mercosur and EFTA sign a treaty that opens up new opportunities for Uruguay

The Mercosur countries (Argentina, Brazil, Paraguay, and Uruguay) and the European Free Trade Association (EFTA, comprising Iceland, Liechtenstein, Norway, and Switzerland) have signed a Free Trade Agreement. The agreement represents a milestone for economic integration between South America and Europe.

Uruguayan Foreign Minister Mario Lubetkin highlighted the importance of the agreement, which will benefit the citizens of each nation, and emphasized the alliance’s strategic nature.

The foreign minister extended his gratitude to Switzerland and Argentina, coordinators of the final phase, and highlighted Brazil, Paraguay, and the rest of the European Free Trade Association countries for their pragmatism and firm commitment, which made it possible to overcome difficulties along the way. He also recalled that at each meeting of foreign ministers, he referred to the priority that the agreement represents for Uruguay.

In his speech, Lubetkin said that the document’s signing is a testament to cooperation, dialogue, and trade based on clear rules.

He indicated that the agreement’s entry into force will depend on legislative ratification by each signatory state and stressed the importance of communicating the treaty’s benefits to business leaders, citizens, and civil society. “Uruguay reaffirms its commitment and support for the fulfillment of these shared objectives, which will ultimately benefit the citizens of each of these countries,” he emphasized.

A wide-ranging agreement

The treaty covers trade in goods and services, investment, intellectual property, public procurement, trade defense, sanitary and phytosanitary measures, rules of origin, and sustainable development, among other aspects.

In economic terms, it will improve market access for more than 97% of exports from both regions, substantially increasing bilateral trade and bringing greater benefits for companies of all sizes, including small and medium-sized enterprises.

With the creation of a free trade area involving almost 300 million people and a combined GDP of more than US$4.3 trillion, business opportunities are expanding, and greater legal certainty is being provided to economic agents.

Uruguay and the vision for the future

The Mercosur-EFTA Free Trade Agreement is consolidating itself as a platform for diversifying exports, attracting investment, and strengthening the region’s competitiveness in a challenging global context. For Uruguay, this is a key opportunity for international projection, consolidating its position as a reliable, innovative, and open partner.

Source: Presidency