President Jair Bolsonaro forwarded today (14) to the National Congress the additional protocol that expands the agreement between Mercosur and Colombia. The text provides for the liberalization of trade in services and needs to be approved by parliamentarians to enter into force.
The expansion of the agreement was sent days before Colombian President Iván Duque’s visit to Brazil, on the 19th. Last week, representatives of the two countries had signed a memorandum to increase the bilateral trade.
Among the provisions of the additional protocol forwarded to Congress are the temporary entry of service providers in the signatory countries, cooperation for mutual recognition of professions and diplomas, and the establishment of courts or procedures for regulation. The text also provides lists of specific commitments between countries.
In 2017, Mercosur and Colombia signed a trade agreement to try to establish a free trade area between countries, stimulate investment and increase economic, energy, scientific and technological cooperation. The agreement also established annual import quotas for automotive products, with a preference margin of 100% for those within the limits and 54% for Colombia and 55% for Brazil for those that exceed the quotas or for the products not covered by them.
In 2018, the Mercosur countries and Colombia signed the first protocol to include services in the economic agreement. However, the text underwent a revision and a new protocol was signed in December of last year.
In a note, the General Secretariat of the Presidency of the Republic informed that the protocol will increase legal certainty and predictability, improving the business environment and making trade in services between Brazil and Colombia cheaper. “It should, therefore, generate growing opportunities for Brazilian service providers, increase Brazil’s attractiveness for Colombian investments and facilitate the import of Colombian services that contribute to increasing the productivity of the Brazilian domestic market and its competitiveness abroad”, highlighted the communicated.
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