Brazil–Iceland Trade Preferences Take Effect Under Mercosur–EFTA Agreement

The Mercosur–EFTA free-trade agreement took effect between Brazil and Iceland on October 1, starting the application of preferential trade terms. The pact provides immediate elimination of EFTA import tariffs on industrial and fisheries products, while agricultural goods follow product-specific arrangements. Brazil's development ministry says preferences with Norway begin on November 1, while Switzerland and Liechtenstein still depend on their domestic implementation procedures. Signed on September 16, 2025, the agreement also covers rules of origin, services, investment, public procurement and sustainable development. Brazil incorporated it through a presidential decree published on September 23.