Argentina's Minister of Production and Labor, Dante Sica, highlighted on Monday the "strong potential" for regional economies of the agreement recently signed between the Common Market of the South (Mercosur) and the European Union (EU).
"We are opening up a market of 500 million consumers, with high added value and high incomes: we no longer compete so much on price but on quality," said the official.
Sica called for "taking into account the needs and technical requirements of the European market, and working hard to improve the competitiveness of regional integration."
The official made these statements during a meeting with sector chambers and businessmen from the province of Chaco (north), with whom he discussed the challenges and opportunities of the agreement between Mercosur (Argentina, Brazil, Paraguay and Uruguay) and the EU for the region.
"The agreement has very strong potential, especially for regional economies", Sica highlighted in dialogue with the main representatives of the economic activity of Chaco.
The head of the productive portfolio stressed that "it is an agreement that will have a lot of impact at the regional level, because we have contemplated those products that have a much greater impact at the provincial level, such as fruit, olives, wine, cotton, the textile sector. We see that there is a positive impact in all provinces with respect to the recovery of exports."He added.
The agreement reached at the end of June between the two blocs involves a market of almost a quarter of the world's Gross Domestic Product (GDP), with more than US$100.000 billion in trade in goods and services, according to the Argentine Foreign Ministry.
It also includes the elimination of tariffs for 93% of Mercosur exports to the EU and preferential treatment for the remaining 7%.
As regards industrial goods, the European bloc will liberalise almost all of its trade, while Mercosur will do so by 80%.
Source: Xinhua
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