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Liechtenstein, Norway and Switzerland), Trinidad, Tobago, Guyana, Singapore, Canada, RussianFederation, Mexico, Israel and Palestine.Today, Mercosur's negotiations are focused on deepening ties with other countries and economicgroups. The resumption of negotiations with the European Union is one example. In 2013, theEuropean bloc was the second most important destination for Brazilian exports, followed by LatinAmerica and the Caribbean. The recently resumed negotiations to expand the PTA between Mercosurand India are also worth noting.Within the ambit of Mercosur two treaties were also signed regarding the protection of investments:the Colony Protocol for the Reciprocal Promotion and Protection of Investments in Mercosur, and theBuenos Aires Protocol for the Promotion and Protection of Investments Originating from the NonmemberCountries of Mercosur. However, these Protocols have not yet completed the necessaryprocedures for their internalization into the Brazilian legal system.g) Dispute Resolution:The Olivos Protocol (signed in 2002), which introduced certain modifications in the original disputeresolution system in Mercosur established by the Brasília Protocol (signed in December 1991), cameinto force in 2004. These modifications included the creation of the aforementioned MercosurPermanent Review Tribunal, with its headquarters in Asunción, Paraguay.Private entities are allowed to use the dispute resolution system within Mercosur. However, first theymust make a claim with the Common Market Group (CMG) in their country of origin (MercosurMember State) and demonstrate the violation to the bloc's rules and the (potential or actual) harmincurred. Therefore, even though the system permits direct access by private entities, thegovernment's approval is still necessary in order to proceed with a claim.During the validity period of the Brasília Protocol (from 1992 to 2003), 10 arbitral awards were issued.As of 2004, with the advent of the Olivos Protocol, 6 awards were issued, 3 of which concerningretreaded tires. However, Mercosur's dispute resolution system has been avoided by Member Statesin the past years. Only one Award has been issued by the Permanent Review Tribunal since 2008.h) Latest Developments:In August 2010, The Mercosur Customs Code (Código Aduaneiro) was approved. The aforesaid codeaims to harmonize and standardize the methods and legislations in relation to the free circulation ofgoods through their territories. Its implementation was scheduled for January 2012, but has notoccurred yet. The code aims to ensure that the trade of finished products – those that have receivedno other components – will be taxed only at origin. Today, it is taxed at the time of the export and at97