In previous negotiations, the United States had insisted that a single comprehensive agreement be concluded to remove trade barriers to goods while strengthening intellectual property protection. Specific intellectual property protection measures could include copyright protection measures in the style of the Digital Millennium Copyright Act, similar to the free trade agreement between the United States and Australia. Additional protection would likely have limited the import or cross-importation of drugs, similar to the proposed agreement between the United States and Canada. Brazil has adopted a three-tier approach, which has put in place a series of bilateral agreements to reduce specific tariffs on products, a hemispheric pact on rules of origin and a dispute settlement procedure has been proposed by Brazil to omit the more controversial issues of the free trade agreement and leave them to the WTO. There are currently 34 countries in the Western Hemisphere stretching from Canada to Chile that still have the SAA as their long-term goal. [11] The expansion of existing agreements could allow the implementation of a comprehensive multilateral free trade agreement between all parties. North America, with the exception of Cuba and Haiti (which has been involved in economic integration with Caricom since 2002) [12][13] is about to establish a sub-continental free trade area. The agreements concluded within US territory are as follows: Member States may value goods from these regions with the common external tariff for Mercosur products or, in the case of certain special products, the internal tariff in force in each country. In this way, products from free trade areas can benefit from the more favourable tax treatment established in the southern common market, which is granted to goods manufactured in the normal customs zones of each Member State, or, in the case of certain special products, benefit from the normal customs regime applicable in each country. Products that come from outside Mercosur are heavily taxed, so local companies do not feel the need to compete with large international companies. The European Union and the South American bloc of Mercosur have approved the draft free trade agreement, the two sides confirmed on Friday, ending nearly 20 years of negotiations. According to experts, integration has been stifled as Mercosur economies continue to resort to protectionist measures [PDF] and show restraint in creating regional value chains or production centres. Instead, the traditional Latin American dependence on exports of low-value-added raw materials, especially to China, continued during the commodity price boom of the 2000s.

Many economists say this has contributed to disappointing trade growth within the bloc, which has declined since 1998 as a share of members` total trade. The rules on jurisdiction in matters relating to contracts shall apply to disputes arising out of international contracts governed by civil or commercial law between legal persons governed by private law or natural persons, provided that: they have their domicile or registered office in different Member States: at least one of the parties is domiciled or has its registered office in a Member State and also has a choice of court in favor of a G. . . .