The Palestinian Authority signed a free trade agreement with the Mercosur (Common Southern Market) trade group Tuesday during the organizations' presidential summit in Uruguay.
The agreement was signed by PA Foreign Minister Riad al Malki along with foreign ministers from Mercosur members Brazil, Argentina, Uruguay, Paraguay, Ecuador.Venezuela, waiting to join the trade group, also signed the agreement, according to AFP.
Uruguay's Foreign Minister Luis Almagro, who headed the summit in the president's office in Montevideo, said the move would add an economic element to the bilateral diplomatic relations between the PA and South American countries.
AFP noted that while all Mercosur members recognized a Palestinian state in the past year. Only Argentina had substantial trade agreements with the PA.