Overview

• Leaders from Argentina, Brazil, Paraguay and Uruguay signed the agreement in Rio de Janeiro with officials from Iceland, Norway, Switzerland and Liechtenstein on September 16.
• EFTA will eliminate 100% of import tariffs on industrial and fisheries products from Mercosur as the accord takes effect, while Mercosur will phase down most industrial tariffs over a 15‑year period.
• More than 97% of exports on both sides gain improved market access, with EFTA granting immediate preferences or duty‑free quotas for key Mercosur farm goods including coffee, beef, poultry, pork, ethanol and wine.
• The pact spans trade in goods and services, investment, intellectual property, public procurement, rules of origin, trade remedies, SPS and technical barriers, dispute settlement and a trade‑and‑sustainable‑development chapter.
• Entry into force depends on parliamentary approvals in each country and will apply bilaterally as ratifications are completed, a process officials say could extend into late 2026.