BRASILIA (Multibagger) - In a historic move, Brazil has finally put into effect a free trade agreement with the Palestinian Authority after over a decade of waiting, signaling strong support for the Palestinian people.
The agreement, ratified by Brazil on Friday, aims to contribute to the development of an economically viable Palestinian state that can coexist peacefully with its neighbors. This agreement was initially signed in 2011 between the Mercosur trade bloc of South America and the Palestinian Authority.
While Brazil has taken this bold step, it remains uncertain whether other Mercosur members, such as Argentina, will follow suit. The Palestinian ambassador in Brasilia, Ibrahim Al Zeben, praised Brazil's decision as "courageous, supportive, and timely," emphasizing the importance of fostering peace in Palestine through increased trade with Mercosur.
Currently, trade between Palestine and Mercosur stands at just $32 million annually, but there is hope for significant growth in the future.
Stay tuned for further updates on this groundbreaking development.
Analysis:
This article highlights Brazil's significant move in implementing a long-awaited free trade agreement with the Palestinian Authority, showcasing its support for the Palestinian people. By ratifying this agreement, Brazil aims to promote economic development in Palestine and foster peaceful relations with neighboring countries.
While the impact of this agreement on the broader Mercosur trade bloc remains to be seen, the potential for increased trade between Palestine and Mercosur presents opportunities for economic growth and cooperation. As the situation evolves, it will be crucial to monitor developments and assess the implications for global trade and diplomatic relations.