Israel has completed discussions to enter Mercosur, the South American free trade union, the Industry, Trade and Labor Ministry said Monday.
In the seventh round of talks last week in Jerusalem, Israel finalized the text of an agreement with Mercosur, which it expects to sign in the next few months. This will be the first free trade agreement between Mercosur, which includes Brazil, Argentina, Uruguay, Venezuela, and Paraguay and a country outside of Latin America.
Trade between Israel and Mercosur totaled $1.1b. for 2006, about 65% of which was with Brazil, the central member of the union.