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Business
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Number of pages / Number of words: |
4 / 1070 |
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They are currently the fourth largest regional integration market after North America, Europe, and Japan. Trade occurring within MERCOSUR countries was initially set to have no tariffs; however, member countries were to impose a common external tariff (CET) on goods imported from countries outside the union...
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In early 1997, nearly 90 percent of all trade within the MERCOSUR region was free of tariffs. All members of the regional union accepted and practiced the CET, which originated at 12 percent and increased to 15 percent by 1997 (Connolly & Gunther, 1999). "From 1990 to 1998 total exports increased by 75 percent, representing growth of 44 percent for exports to countries outside MERCOSUR and an astonishing rate of almost 400 percent growth for intra-bloc exports (Paiva & Gazel, 2004)...
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