#Brazil and #Argentina, on Oct. 8 announced an agreement to reduce the Mercosur common external tariff (CET) by 10 percent.
For the past 25 years there were no substantive changes in the CET, and no substantive modification or modernization was implemented. The average import tariff of Mercosur members is among highest in the world, and it made sense that Brazil and Argentina, the biggest economies in the bloc, took the first step for an agreement in this regard.
My commentary to the #LatinAmericaAdvisor today: https://bit.ly/3jvcYW4
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