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MERCOSUR Raises Trariff to Cope with Slowing Global Economy

2011-12-30

The member countires (Argentina, Brazil, Paraguay, and Uruguay) of the South American Common Market (MERCOSUR) in its 42th annual summit has decided to collectively raise import tariffs. The products with raised import tariffs in each country cannot exceed 100 goods and the growth margin of the provisional tariffs cannot exceed the 35% upper limit ruled by the WTO. The valid time for this trade proection measure will continue to the end of 2014.