Uruguay Us Free Trade Agreement

Nevertheless, in January 2007, Uruguay signed a Framework Agreement on Trade and Investment (TIFA) with the United States. Many observers saw it as a first step towards signing a free trade agreement. Twenty-nine investment promotion and investment protection agreements are currently in force in Uruguay. Three of these agreements (Chile, Mexico and the United States) include the establishment. Agreements with Germany, the Netherlands, Switzerland, Hungary, Italy, Romania, Poland, the United Kingdom, Belgium, Belgium, France, China, Malaysia, Canada, the Czech Republic, Venezuela, Sweden, Portugal, Panama, Israel, El Salvador, Australia, Finland, Armenia, Vietnam, Korea are agreements after their creation. Different tax criteria can lead companies or individuals to collect taxes for the same source of income in more than one country when they operate internationally. One of the aims of international conventions is to avoid double taxation authorities, which restrict each country`s tax powers. In December 2000, the founding countries of MERCOSUR (Argentina, Brazil, Paraguay and Uruguay) signed a framework agreement establishing a free trade area between Mercosur and the Southern African Customs Union (Botswana, Lesotho, Namibia, South Africa and Swaziland). A preferential trade agreement came into force in 2016. After more than 20 years of negotiations, MERCOSUR and the European Union concluded a comprehensive trade agreement in June 2019. Before it comes into force, the European Parliament and the parliaments of the various MERCOSUR countries must ratify the agreement. Investors in Uruguay benefit from preferential trade agreements in the country of more than 15 countries, including Mercosur and Mexico, as well as trade agreements on services and public procurement, investment protection and promotion agreements with 30 countries, and agreements to avoid double taxation with 13 countries. MERCOSUR has signed trade agreements with many Latin American countries: Chile (1996), Bolivia (1996), Colombia, Ecuador and Venezuela (2004), Peru (2005) and Cuba (2006).

An agreement covering exclusively the automotive sector was signed with Mexico in 2002. Outside the region, Mercosur has signed agreements with Israel (2007), India (2004), SACU (2008), Egypt (2010) and Palestine (2011). Mercosur is also part of the Global System of Trade Preferences between Developing Countries (GSTP), which has been in force in Uruguay since 2005. The SACU, Egypt and Palestine agreements have not yet entered into force. ALADI is a trade association based in Montevideo, which includes ten South American countries as well as Cuba, Mexico and Panama.

Comments are closed.