Following a meeting last week in Asunción with Paraguay's Minister of Foreign Affairs, Canada's Minister of International Trade, Ed Fast, announced that Canada and the members of Mercosur - Argentina, Brazil, Paraguay and Uruguay - were moving forward with exploratory discussions to enhance their trade relationship.
"I am hopeful that these exploratory discussions will help us enhance our economic ties with Mercosur, the largest common market in South America," said Minister Fast. "Although we are in the early stages of these discussions, we know there are potential commercial opportunities in this market that are worthy of further dialogue."Mercosur offers a number of trade opportunitie, particularly in the areas of aerospace, life sciences, infrastructure, information and communications technology, clean technology, mining, and oil and gas.
Created in 1991, Mercosur represents a market of nearly 250 million consumers and accounts for almost three quarters of all economic activity in South America.
In 2010, bilateral merchandise trade between Canada and the Mercosur countries reached $7.9 billion, which represents an increase of about 150 percent from 10 years earlier.
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