Brazil and Mexico signed an agreement for the Free trade in trucks and buses and their auto parts. According to the understanding of the two largest economies in Latin America, the tariffs will be gradually released until 2023.
Initially, starting on 1 July 2020, there will be a 20% tariff reduction. On 1 July 2021, the margin increases to 40%; on the same date, the following year, to 70%; and finally, on 1 July 2023, Brazil and Mexico establish full liberalization.
The opening of the automotive sector between both countries occurs within the framework of an economic complementation agreement signed between Mexico and the Mercosur bloc in 2002, and amid a new attempt by Latin America's two largest economies to reach a free trade pact.
«It is estimated that by promoting free trade also in trucks, buses and their auto parts, The new agreement will generate a significant increase in exports Brazilian companies to Mexico in the coming years, given Brazil's recognized competitiveness in the heavy vehicle segment," he says in a statement. note, the Ministry of Economy.
According to data presented by the ministry, Mexico is Brazil's third largest partner in automotive trade, behind only Argentina and the United States.
In celebrating the outcome of the negotiation, the Brazilian government noted that “bilateral trade between Brazil and Mexico is still far below potential” and that “only 10% of Brazilian tariff lines enjoy free trade under these two agreements, and their expansion will allow more products and economic sectors to benefit from bilateral trade more effectively.”
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