Brasília – As of this Tuesday (19), no tariffs or quantitative limitations are in place for light vehicle trade between Brazil and Mexico. This is provided for in Economic Complementation Agreement #55 (Acordo de Complementação Econômica nº 55 – ACE-55), which has regulated Brazil-Mexico auto trade and industry integration since 2002.
The end of the quota regime on light vehicles this year was provided for in an agreement established in 2015. As of today, an exceptions list laying down rules of origin for auto parts is also made void.
“The return to free trade in automobiles for Brazil and Mexico is an important step in enhancing trade relations between Latin America’s two biggest economies,” said the Brazilian ministries of of Economy and Foreign Affairs in a statement.
As of 2020, free trade will also apply to heavy vehicles (trucks and buses) and their parts.
Translated by Gabriel Pomerancblum
