On January 19th, a ministerial meeting of Mercosur and the European Free Trade Association - EFTA (comprised of Iceland, Liechtenstein, Norway and Switzerland) countries was held in Davos. Brazil was represented by the Minister of Industry, Foreign Trade and Services, Marcos Pereira.
The meeting marked the successful conclusion of the Exploratory Dialogue, initiated in June 2015 between Mercosur and EFTA, with a view to negotiating a free trade agreement. The two sides have decided to hold a preparatory meeting for the trade negotiations in February 2017.
Mercosur and EFTA have kept an economic and trade dialogue since 2000. Brazil's trade with EFTA reached USD 6.1 billion in 2015. Trade between the two blocs totals nearly USD 7 billion.