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The U.S. and Paraguay signed Jan. 13 a bilateral trade and investment framework agreement that supersedes a similar agreement concluded in September 2003. The TIFA creates a forum for the two countries to engage on a broad range of economic issues such as market access, intellectual property rights protection, and cooperation on shared objectives in the World Trade Organization and other multilateral fora.
A USTR press release notes that two-way trade in goods was approximately $1.7 billion in 2015, an increase of nearly 70 percent from 2005.