Brazil reaches agreement with Mexico for automotive industry

Brazil reached an agreement with Brazil on trade dispute over cars, setting a cap on its exports in that sector for three years.

Brasilia demand was finally accepted by the Mexican Secretariat of Economy. “For the first year, the amount of exports will be of 1,450 million dollars, the same that will increase in the second and third year, to 1,560 million and 1,640 million respectively,” he said in a release. The agreement was reached during negotiations held between the delegation of Mexico, headed by the Minister of Economy, Bruno Ferrari, and Brazil, the Minister of Industry and Commerce, Fernando Pimentel. Once you finish the period of three years will continue to apply all provisions used so far. Read Article