The United States and Uruguay this week signed a memorandum of understanding to enhance trade facilitation between the two countries.
Uruguay is an important emerging trading partner for the United States in South America, and is the only non-free trade agreement country included in the Pathways to Prosperity (Pathways) Customs Modernization and Border Management program, said Undersecretary of Commerce for International Trade Francisco Sánchez, who signed the MOU with Uruguay’s Economy Minister Fernando Lorenzo, Customs Director Enrique Canon, and Ambassador Julissa Reynoso at the Uruguay Trade Facilitation Workshop on Aug. 27.
“In today’s world, where supply chains are highly segmented, goods need to flow in a timely and secure manner. When that does not happen, companies lose money, goods lose worth, and consumers lose cost-effective choices,” Sánchez added.
The MOU highlights the joint U.S. and Uruguay governments’ cooperation to support development of a public-private working group in Uruguay and technical training for the purpose of trade facilitation capacity building, Sánchez explained.
In 2012, U.S.-Uruguay total trade amounted to $1.7 billion. In 2012, U.S. goods exports to Uruguay totaled $1.4 billion. Principal U.S. exports to Uruguay include chemicals, computers and electronics, machinery, and transportation equipment.
U.S., Uruguay tackle trade facilitation
