Uruguay and Brazil have completed the process of incorporating into their respective national legal systems the protocols relating to the liberalization of trade in goods from free trade zones between both countries and on the trade in yerba mate, according to the Ministry of Foreign Affairs of Uruguay.
These regulations are known as Additional Protocols 83° and 84° to Economic Complementation Agreement (ACE) No. 2.
“As background, it is recalled that Additional Protocol No. 83 on free zones allows for the total and immediate, indefinite elimination of the Common External Tariff for all goods included in ACE No. 18 and produced in all free zones in Uruguay and Brazil,” the statement said.
According to the statement, “Additional Protocol No. 84 on yerba mate establishes a new technical criterion in health matters to avoid the imposition of a non-tariff barrier that would hinder the entry of yerba mate from Brazil into Uruguay; this agreement will also be valid for an indefinite period.”
The two countries are in talks with the ALADI General Secretariat to complete the pending formalities for the entry into force of the aforementioned Additional Protocols.
The communication points out that this protocol on free trade zones represents an expansion of the regime and opens the possibility for Uruguay to attract new productive investments that would have a positive impact on the creation of new quality jobs.
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