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The Council of Ministers of the Foreign Trade Chamber (CAMEX), chaired by the Minister of Development, Industry and Foreign Trade, Fernando Pimentel, approved today, October 3, the Brazilian proposal that will be part of the trade agreement negotiations between MERCOSUR and the European Union.

The document will be sent to the other member countries of the South American bloc for the consolidation of a joint bid. Venezuela will not participate in this offer as it is still meeting the requirements to its accession to MERCOSUR. Last January the representatives of MERCOSUR and the European Union made the commitment to present the bids by the last quarter of 2013.

The Council of Ministers also decided to instruct the technical group of retaliation – created by a former CAMEX Resolution – to meet in order to make an assessment, by the November 30, of possible measures to be taken, if necessary, in the context of the cotton trade dispute.

The ministers' decision was based on the fact that the United States has interrupted the payments made since 2010 to the Brazilian Cotton Institute, as part of the temporary agreement with Brazil to suspend the retaliation authorized by the World Trade Organization (WTO).

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