Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.