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Turkey signs trade agreement with South American trade bloc
Turkey has signed a preferential trade agreement with the South American trade bloc Mercosur during negotiations in Argentina.
Mercosur is a regional trade agreement between Argentina, Brazil, Paraguay and Uruguay that was established in 1991. Its purpose is to promote free trade and the fluid movement of goods, people and currency. Mercosur is the third-biggest economic bloc in the world following the European Union and the North American Free Trade Agreement. The bloc has a market figure of around $1 trillion and a population of approximately 200 million.
Turkish foreign trade officials were present at the meeting to finalize the preferential trade agreement. The agreement is the outcome of an initiative first launched in August 2007 by the Foreign Ministry. Turkish exports to Mercosur states were around $171 million in 2006 and $304 million in 2007, after the initiative. Imports from the region by Turkey were around $1.3 billion in 2006 and $1.6 billion in 2007.
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