Alckmin celebrates agreement with Singapore: 1st signed by Mercosur in 10 years

The Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, celebrated on Wednesday (6) the imminent signing of the Free Trade Agreement between Mercosur and Singapore, which is expected to be finalized on Thursday (7) during the Mercosur Summit in Rio de Janeiro.

“This will be Mercosur’s first free trade agreement in over ten years and the first with an Asian country. This integration strengthens economic ties between Brazil, Mercosur, and the Asian region, creating opportunities for greater diversification of exports and investments,” stated the Vice President during the opening of the 63rd Ordinary Meeting of the Common Market Council (CMC) of Mercosur, which precedes the Heads of State meeting on Thursday.

Alckmin also mentioned Bolivia’s accession to the bloc, which is also expected to be formalized on Thursday. According to him, the country’s entry will create an even more significant space for regional integration and possibilities of shared development.

“As we know, the world is globalized, but trade remains mainly regional,” he said, citing intra-bloc trade figures in the European Union (60% of the total), USMCA, formerly NAFTA (almost 50%), and ASEAN (25%). “In Mercosur, the share is only 10%. Intra-bloc trade has been growing, but we must change this situation.”

The minister highlighted the importance of Mercosur for the neo-industrialization of member countries, noting that 80% of the commercial agenda relates to manufactured or semi-manufactured products.

“This also means that we must develop a green, innovative, and inclusive industry that harnesses the region’s potential and establishes a synergy between complementary production structures.”

According to him, providing the physical means to ensure commercial exchanges is as important as lowering tariffs and harmonizing standards and systems. To achieve this, he advocated advancing the shared infrastructure of the bloc, improving roads, waterways, railways, ports, and airports, strengthening energy exchange, facilitating production flow, and promoting tourism.

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