Argentina became the last of the South American Mercosur trade block of four to sign a free trade agreement with Israel. Trade in 2010 between Israel and the other countries that comprise Mercosur, Brazil, Uruguay and Paraguay, reached $1.8 billion. Trade with Argentina, on the other hand, only reached $130 million due to high tariffs on Israeli goods there.
With the gradual expiration of the tariffs prescribed by the free trade agreement, Brazil, the largest regional economy, expects to triple its trade with Israel by 2015. Its $1.35 billion in trade last year increased from $922 million in 2009.