Happy Friday! Today, we talk about the possibility of a Mercosur-Singapore trade deal. A big controversy at Petrobras, Brazil’s oil and gas giant. And Brazil’s possible entry into OPEC+.
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Mercosur close to a free-trade deal … with Singapore
For the past year, negotiators from the European Union and Mercosur (the trade alliance made of Brazil, Argentina, Paraguay, and Uruguay) have been working to hammer out a free-trade agreement between the two sides. So far, disagreements over environmental commitments and public procurement rules have prevented ratification.
Say what? Brazilian officials recently said they expect an agreement to be announced in December. But as Mercosur members meet next week, Mauricio Lyrio, Brazil’s top diplomat for economic affairs, said the bloc will “likely” sign a free-trade deal with Singapore.
- Negotiations began in July 2018. Mercosur and Singapore have said they will finalize the substantive parts in July 2022.
Why it matters. This will be the first extra-regional deal signed by Mercosur since 2011, when a deal with Palestine was struck. He called the conclusion...