Brazilian news outlets say that eleven emerging economies will sign an agreement to lower tariffs in hopes of expanding mutual trade.

According to the reports, the nations will sign the agreement at a ministerial meeting of the Southern Common Market, also known as Mercosur, to be held in Brazil on Wednesday (KST).

The eleven nations include South Korea, Brazil, India, Argentina, Uruguay and Paraguay.
Once the agreement goes into effect, the nations will reduce tariffs by at least 20 percent on 70 percent of the items they trade.