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Brazil Wants to Lift Auto Trade Caps with Argentina, Mexico
Brazil’s trade minister is urging the country to remove its trade restrictions with Mexico and Argentina in a bid to revive its own auto industry.
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Brazil’s trade minister is urging the country to remove its trade restrictions with Mexico and Argentina in a bid to revive its own auto industry.
Armando Monteiro tells Reuters he also will propose to shift to free trade on auto parts when he visits the two countries next week.
Monteiro’s hope is that eliminating quotas created primarily to shield Brazil’s market from Mexican imports will open up export markets for his country. Reuters says the country’s slumping auto industry has idled about 130,000 workers.
Demand for passenger vehicles in Brazil fell 26% in 2015. Trade group ANFAVEA reports that domestic production plunged 29% in January to its lowest volume in 13 years, and sales plummeted 39% to a nine-year low.
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