Globes Online, Israel

Israel seeks free trade agreement with Mercosur bloc

The Ministry of Industry, Trade, and Labor is also working on a bi-national R&D fund with Brazil.

Hadas Manor

14 November 2005

At the end of last week, Minister of Finance and Industry, Trade and Labor Ehud Olmert met with Brazil’s State of Sao Paolo Governor Geraldo Alckmin in order to promote a free trade region with the Mercosur bloc (Mercado Comun del Sur), comprising Brazil, Argentina, Uruguay, and Paraguay. The signing of a framework agreement is expected in December. Brazil is the leading Mercosur country.
Israel believes that signing the agreement will prevent damage to its exports from trade agreements between the Mercosur and other trading blocs and countries, principally the US, and will boost trade between the parties. The Ministry of Industry, Trade, and Labor is also working on a bi-national R&D fund with Brazil.

Alckmin visited Israel at the head of a delegation of 60 government officials and businesspeople to attend the Prime Minister’s Conference for Export and International Cooperation. He met with companies active in Brazil, and with those interested in operating there.

Bilateral trade between Israel and Brazil totaled $165 million in 2004, 58% of which was Israeli exports. Trade has totaled $129 million this year, including $79 million in Israeli exports.

Published by Globes [online] - www.globes.co.il - on November 14, 2005