In January 2004 MERCOSUR received a proposal from Egypt to negotiate a free trade agreement, on the basis of discussions held at the G-20 meeting in November 2003. At the XXVI ordinary meeting of the MERCOSUR Common Market Council meeting a framework agreement was signed between MERCOSUR (composed of Argentina, Brazil, Paraguay and Uruguay) and the Arab Republic of Egypt. This was incorporated by MERCOSUR as Common Market Council Decision 16/04. This agreement anticipates the negotiaiton of a free trade agreement with an initial stage constituted by the negotiation of a fixed preference agreeement.
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