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May 5, 2017
Consultations on possible Canada-MERCOSUR free trade agreement
The Government of Canada announced the beginning of consultations on the scope of potential negotiations regarding a possible free trade agreement (FTA) between Canada and MERCOSUR.
MERCOSUR, also known as the Southern Cone Common Market, is a customs union established by Argentina, Brazil, Paraguay and Uruguay in 1991. This regional bloc represents a significant economic presence in Latin America. In 2016, the four members of MERCOSUR had a combined GDP of US$2.4 trillion (CAN$3.2 trillion) and a population of 260 million.
In 2016, Canada's bilateral merchandise trade with the bloc totalled nearly $8.1 billion. Canadian direct investment abroad in the bloc was valued at $14.7 billion and the bloc's total inward foreign direct investment stock is valued at $19.7 billion. Two-way services trade between Canada and MERCOSUR's Argentina and Brazil nearly reached $1.3 billion in 2015.
All interested parties are invited to submit their views by May 29, 2017.
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