On 9 February this year, the Brazilian Government ratified the Protocol of Olivos, an agreement designed to improve the dispute settlement system in the trading block MERCOSUR – which is made up of Brazil, Argentina, Uruguay and Paraguay – and to move the system towards a more rule-oriented mechanism. The said protocol entered into force on 1 January.
The new system applies to consultations and the settlement of disputes among MERCOSUR members concerning their rights and obligations under the Treaty of Asuncion. Its coverage also includes complaints made by private parties against members due to the adoption of measures that are restrictive, discriminatory or that otherwise create unfair competition in violation of MERCOSUR legal framework.
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