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Switzerland’s new trade deal with South America’s biggest economies will eliminate tariffs on 95% of its exports to those countries in the medium term, resulting in more than 180 million francs ($185 million) in savings on import duties.

Switzerland said in a statement on Saturday that along with its fellow European Free Trade Association-members Norway, Iceland and Liechtenstein, it had concluded a free trade agreement with Mercosur members Argentina, Brazil, Uruguay and Paraguay.

The trade deal is expected to be signed later this year or in early 2020. Switzerland’s exports of goods to the region are worth roughly 3.6 billion francs annually.

To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Andrew Davis, Pete Norman

©2019 Bloomberg L.P.

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