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Brazil, Argentina Agree to Pursue Free Trade on Cars
Trade ministries in Brazil and Argentina have agreed to cautiously move toward the free trade of cars between their two countries.
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Trade ministries in Brazil and Argentina have agreed to cautiously move toward the free trade of cars between their two countries.
Brazilian Trade Minister Armando Monteiro told Reuters two weeks ago he intended to propose a shift to free trade on cars and parts to both Argentina and Mexico in a effort to revive Brazil’s decimated auto industry. Brazilian demand for passenger cars dropped 26%—representing a loss of about 1.2 million units—in 2015. Year-on-year sales in January plunged 39%.
Monteiro made the overture to Argentina for open markets last week. His office says the countries agreed to the goal of achieving free trade for cars “gradually and under fair conditions.” The countries set no timetable for doing so.
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