Authorities from Paraguay and the United States have agreed to extend until 2025 an agreement in place since 2019 to expedite the exchange, marketing, importation, and exportation of agricultural products.
US Ambassador Marc Ostfield said, after meeting with Foreign Minister Rubén Ramírez Lezcano: “The agreement we just signed is another example of the United States' commitment to expanding trade and inclusive economic growth.”
“This will grow Paraguay's economy, increase transparency, and reduce corruption risks,” he added, stressing that legal certainty and a “level playing field” would strengthen Paraguay's position as a business partner, which, in turn, would attract further foreign investment. Ostfield also highlighted that the U.S. invested US$ 2.3 billion in commercial goods in 2021.
According to the Paraguayan Foreign Minister, the agreement will simplify procedures and automate all trade, commercialization, import, and export procedures. It also includes the reduction of non-tariff barriers, transparency, and automation of the foreign trade process.