In 2010, Israeli companies did 1.8 billion dollars of business with Mercosur countries
Argentina became the last South American MERCOSUR countries to sign onto a regional free trade agreement with Israel. With Argentina finally signing the agreement, Israel can now freely trade with the bloc with no restrictions.
The MERCOSUR, a political and economic consortium, consists of Argentina, Brazil, Paraguay and Uruguay.
In 2010, Israeli companies did 1.8 billion dollars of business with Mercosur countries, but only about 130 million dollars with Argentina, because of high tariffs on Israeli goods there.
With the gradual expiration of the tariffs prescribed by the free trade agreement, Israeli officials are very optimistic that trade with the bloc will increase substantially.
Brazil, the largest regional economy, expects to triple its trade with Israel by 2015. Its US$1.35 billion in trade last year increased from US$922 million in 2009.
Latin America is a developing region economically, with a healthy recent performance and good outlook.
