URGUARY, December 21, 2011 (WAFA) – The Palestinian Authority signed a free trade agreement Tuesday with Mercosur, an economic union of Brazil, Argentina, Uruguay and Paraguay, according to a press release published Wednesday by the Ministry of National Economy.

The agreement was signed by Foreign Minister Riyad al-Malki on behalf of the PA, along with the foreign ministers of Mercosur state members.

Abdul Hafeez Nawfal, undersecretary of the ministry of economy, said the agreement with Mercosur, the fifth largest economy in the world, comes in line with PA efforts to sign free trade agreements with trade blocs such as the US, Turkey and the European Union.

Signing the agreement positively affects the Palestinian economy and enhances the Palestinian relations with the trade bloc, added Nawfal, indicating the wide range of fields of cooperation in imports and exports between Palestine and Mercosur member states.