Citigroup's net income increased to $3.6 billion in the fourth quarter 2016, primarily driven by the lower operating expenses and cost of credit, partially offset by lower revenues. Citigroup's effective tax rate was 30% in the current quarter compared to 29% in the fourth quarter 2015.
Mercosur, or the Southern Common Market, is a customs union between Brazil, Argentina, Uruguay and Paraguay. It was originally set up in 1991. Bolivia, Chile, Colombia, Ecuador and Peru have associate member status. Bolivia may be incorporated as a full member soon.
The EU-Mercosur free trade agreement without a question is a threat to the United Statesâ dominance in the region. Europeâs belated decision to open its agricultural markets to foreign competition leaves Washington in a precarious position at the negotiating table with its Latin American counterparts.