The agreement prohibits both sides from excessively promoting trade and investment in: the agreement contains, among other things, obligations on sustainable fisheries and sustainable forest management. Mercosur signed free trade agreements with Israel in December 2007 with Egypt in August 2010 with the State of Palestine in December 2011 and Lebanon on 18 December 2014. They agreed that the trade agreement between them must support existing rights and that it should not reduce or water them down. Mercosur is a major market for EU exports and has so far been Latin America`s only major trading partner with which the EU does not have a preferential trade agreement. EU companies exported to the four founding countries of Mercosur: the agreement will also pave the way for supply chains of products manufactured in order to contribute to the preservation of the environment, such as paran nuts from natural forests.B. In January 2004, MERCOSUR received a proposal from Egypt to negotiate a free trade agreement based on discussions at the G20 meeting in November 2003. At the regular meeting of the “MerCOSUR” Council within the framework of the MERCOSUR common market, a framework agreement was signed between MERCOSUR (composed of Argentina, Brazil, Paraguay and Uruguay) and the Arab Republic of Egypt. This decision was adopted by MERCOSUR as a 16/04 decision of the Common Market Council. This agreement provides for the negotiation of a free trade agreement with a first phase, created by the negotiation of a fixed preferential agreement.
The group is the executive arm of Mercosur and is coordinated by the foreign ministries of the Member States. Its fundamental task is to enforce the Treaty of Asuncion and to take the necessary decisions to implement the decisions taken by the Council. It can also take practical steps to open up trade, coordinate macroeconomic policies and negotiate agreements with third countries and international organizations that, if necessary, will participate in resolving Mercosur controversies. It has the authority to organize, coordinate and supervise working groups and convene special meetings to address issues of interest. Composition: The Common Market group consists of four permanent members and four alternates from each Member State, representing the following governments: (i) the Ministry of Foreign Affairs; (ii) the Ministry of Economy or the corresponding ministry (industry, foreign affairs and/or economic coordination); and (iii) the central bank.