A Memorandum of Understanding was signed on the establishment of a political dialogue and cooperation mechanism between Turkey and South American Common Market (MERCOSUR), which is the most important economic union in the region, TRT Russian reported.
The document was signed from the Turkish side by the State Minister Egemen Bagis.
Volume of Turkey's trade with MERCOSUR member countries, which hit $2.9 billion in 2009, this year is expected to increase by 40 percent.
Turkey is trying to expand not only economic, but also political cooperation with the region. Turkey, in order to achieve foreign policy goals giving priority to the development of bilateral relations with member states of international organizations such as the UN, develops a dialogue with the countries of Latin America.
Turkey and Brazil, who attract world's increasing attention to the developing in recent years bilateral relations and the mediation in the issues relating to Iran's nuclear problem, have signed an agreement on "avoidance of double taxation."
The Brazilian city of Iguazu, where the signing ceremony was held, is known as a tourist paradise of the country. The city, bordering with Argentina and Paraguay has 275 waterfalls.