SINGAPORE, Nov. 2 (Xinhua) -- The Mercosur (Southern Common Market)-Singapore Free Trade Agreement entered into force between Singapore and Argentina on Sunday, completing its implementation with all four founding Mercosur member states, Singapore's Ministry of Energy, Trade and Industry and the Argentinian Embassy in Singapore have said.
The agreement had previously taken effect with Paraguay, Uruguay and Brazil, marking a milestone in Singapore's economic engagement with Latin America, the duo said in a statement on Sunday.
The agreement covers trade in goods and services, investment, government procurement, digital trade, intellectual property and economic cooperation.
Under the pact, Mercosur will eliminate import tariffs on about 96 percent of products over up to 15 years, with around 25 percent of tariff lines receiving immediate duty-free access. It also establishes common rules of origin and more transparent customs procedures.
"Argentina's position as a major agricultural and food producer supports Singapore's efforts to diversify food import sources and strengthen food resilience. There are also opportunities in sectors such as energy, infrastructure, logistics, technology and services," said the statement. ■
