The Mercosur-Singapore Free Trade Agreement (MCSFTA) took effect between Singapore and Argentina on Sunday, extending the pact to all four founding members of the South American trade bloc, according to a joint news release.
Under the agreement, Mercosur member states will gradually eliminate import tariffs on about 96% of products imported from Singapore over a period of up to 15 years, with around 25% of tariff lines qualifying for immediate duty-free access.
The pact also covers trade in services, investment, government procurement and digital trade, alongside measures to simplify customs procedures.
The agreement had previously taken effect between Singapore and the three other Mercosur founding members -- Paraguay, Uruguay and Brazil.
