🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Brazil adopts free trade with Palestinian Authority in show of support

Published 07/08/2024, 06:00 PM
Updated 07/09/2024, 10:53 AM

BRASILIA (Reuters) -Brazil has put into effect a free trade agreement with the Palestinian Authority that has been waiting for ratification for more than decade, in a show of support for the Palestinian people.

"The agreement is a concrete contribution to an economically viable Palestinian state, which can live peacefully and harmoniously with its neighbors," Brazil's foreign ministry said on Monday in a statement.

It said Brazil, which recognizes a Palestinian state and allowed a Palestinian embassy to be built in the Brazilian capital in 2010, ratified the agreement on Friday between the Mercosur trade bloc of South America and the Palestinian Authority that had been signed in 2011.

Uruguay has backed the Palestine deal, a foreign ministry source said, adding that there was little resistance since Mercosur has a similar agreement with Israel.

It was not clear whether other Mercosur members would follow Brazil's lead. Argentina's right-wing government of President Javier Milei is not expected to do so. Paraguay's foreign ministry did not immediately respond to a request for comment.

© Reuters. FILE PHOTO: Brazil's President Luiz Inacio Lula da Silva reacts after meeting with Brazilian citizens, who were repatriated from the Gaza Strip, upon arrival at the Air Force base of Brasilia, Brazil November 13, 2023. REUTERS/Ueslei Marcelino/File Photo

Palestinian ambassador in Brasilia, Ibrahim Al Zeben, called Brazil's decision "courageous, supportive and timely."

It is "the effective way to support peace in Palestine," he said in a message to Reuters, adding that he hopes Palestine trade with Mercosur, currently only $32 million a year, will grow.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.