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Economic complementation agreement no. 55, also known as the ACE 55, is a regional trade agreement signed between the South American countries of Brazil, Argentina, Paraguay, and Uruguay. The agreement aims to reduce trade barriers and promote economic integration in the region.
The ACE 55 was signed on December 14, 1994, and came into effect on January 1, 1995. It covers a wide range of products and services, including agricultural goods, industrial products, and technological services.
Under the agreement, the member countries have committed to reducing tariffs on traded goods and services. In general, the agreement seeks to promote economic development and cooperation between the member countries by creating a more favorable environment for trade.
One of the main benefits of the ACE 55 is that it has helped to increase trade between the member countries. By reducing trade barriers, businesses in these countries can access new markets, and consumers can benefit from a wider range of products and services at lower prices.
Overall, the economic complementation agreement no. 55 is an important regional trade agreement that has helped to promote economic cooperation and development in South America. Through the reduction of trade barriers, it has created new opportunities for businesses and consumers, and has helped to strengthen the economic ties between the member countries.