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Lebanon signs agreement with Mercosur

Lebanon has signed a memorandum of understanding with the South American free trade organization Mercosur, whose member states host three times the number of Lebanese living in Lebanon.
Bolivia's President Evo Morales (L) and his Argentine counterpart Cristina Fernandez de Kirchner attend a bilateral meeting after the Southern Common Market (MERCOSUR) trade bloc annual presidential 47th summit in Parana, north of Buenos Aires December 17, 2014. Argentina and Bolivia signed a commercial agreement on Argentine-assembled ambulances to be delivered to Bolivia.   REUTERS/Enrique Marcarian (ARGENTINA - Tags: POLITICS) - RTR4IH3O

PARANA, Argentina — At a Dec. 16 summit in Parana, Argentina, Lebanon signed a memorandum of understanding with Mercosur. Although news of the signing seems ordinary, it carries underlying significance for Lebanon.

Mercosur promotes free trade in South America. Established in 1991, it has five member states — Argentina, Brazil, Uruguay, Paraguay and Venezuela. Negotiations are currently underway for Bolivia, Chile, Colombia, Ecuador and Peru to join the organization. Al-Monitor received a copy of the file prepared by the Lebanese Foreign Ministry for the delegation attending the summit, outlining the following figures and details.

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