U.S. Signs Trade Facilitation Agreement with Uruguay
The U.S. and Uruguay signed Aug. 27 a trade facilitation memorandum of understanding. According to a press release from the International Trade Administration, the MOU highlights the cooperation between the two governments in support of the development of a public-private working group in Uruguay and technical training for the purpose of trade facilitation capacity building. Uruguay is the only country included in the Pathways to Prosperity Customs Modernization and Border Management program that does not have a free trade agreement with the U.S.
“The MOU signed today envisions an on-going, long-term partnership to collaborate on trade facilitation issues,” said U.S. Under Secretary of Commerce for International Trade Francisco Sanchez. “In today’s world, where supply chains are highly segmented, goods need to flow in a timely and secure manner. When that does not happen, companies lose money, goods lose worth, and consumers lose cost-effective choices.”
Additionally, Sánchez met with the president of Uruguay, José Mujica, to discuss the expansion and strengthening of the bilateral economic and commercial relationship. In 2012, U.S.-Uruguay total trade amounted to $1.7 billion and U.S. goods exports to Uruguay totaled $1.4 billion, led by chemicals, computers and electronics, machinery, and transportation equipment.