Brazil and Mexico Seek to Revise Trade Agreement
3 Sources
3 Sources
[1]
Brazil, Mexico eye revised trade agreement
MEXICO CITY/SAO PAULO (Reuters) - Brazilian and Mexican authorities said on Monday they see the need to revise and expand their current trade agreements, in a push to strengthen the ties between the two largest economies in Latin America. Brazilian President Luiz Inacio Lula da Silva is in Mexico as part of an official government visit, which will include his presence in Claudia Sheinbaum's inauguration ceremony as Mexico's president on Tuesday. Mexico and Brazil have a trade agreement dated from the early 2000s which sets the exemption or the reduction of imports fees for some 800 types of products. "The growth of our relationship has already topped that agreement," Marcelo Ebrard, Mexico's incoming economy minister, said on the sidelines of an event on Monday. "We need to update it," he added. Earlier in the day at the same event, Lula said that the trade agreements between both countries, which also include a deal regulating trade of vehicles and auto parts, need to be revised as soon as possible. "I want our industries to grow, our agricultures to grow, I want Brazil and Mexico investing to build artificial intelligence that could bring economic benefits for us," he said in his speech, without providing more details. During the event, Lula also suggested that the trade agreement in discussion between the European Union and South America's Mercosur bloc could in the future be extended to Latin America. (Reporting by Kylie Madry in Mexico City; Eduardo Simoes and Andre Romani in Sao Paulo; Editing by Chris Reese, Aida Pelaez-Fernandez, Edward Tobin)
[2]
Brazil, Mexico Eye Revised Trade Agreement
MEXICO CITY/SAO PAULO (Reuters) - Brazilian and Mexican authorities said on Monday they see the need to revise and expand their current trade agreements, in a push to strengthen the ties between the two largest economies in Latin America. Brazilian President Luiz Inacio Lula da Silva is in Mexico as part of an official government visit, which will include his presence in Claudia Sheinbaum's inauguration ceremony as Mexico's president on Tuesday. Mexico and Brazil have a trade agreement dated from the early 2000s which sets the exemption or the reduction of imports fees for some 800 types of products. "The growth of our relationship has already topped that agreement," Marcelo Ebrard, Mexico's incoming economy minister, said on the sidelines of an event on Monday. "We need to update it," he added. Earlier in the day at the same event, Lula said that the trade agreements between both countries, which also include a deal regulating trade of vehicles and auto parts, need to be revised as soon as possible. "I want our industries to grow, our agricultures to grow, I want Brazil and Mexico investing to build artificial intelligence that could bring economic benefits for us," he said in his speech, without providing more details. During the event, Lula also suggested that the trade agreement in discussion between the European Union and South America's Mercosur bloc could in the future be extended to Latin America. (Reporting by Kylie Madry in Mexico City; Eduardo Simoes and Andre Romani in Sao Paulo; Editing by Chris Reese, Aida Pelaez-Fernandez, Edward Tobin)
[3]
Brazil, Mexico eye revised trade agreement
MEXICO CITY/SAO PAULO, Sept 30 (Reuters) - Brazilian and Mexican authorities said on Monday they see the need to revise and expand their current trade agreements, in a push to strengthen the ties between the two largest economies in Latin America. Brazilian President Luiz Inacio Lula da Silva is in Mexico as part of an official government visit, which will include his presence in Claudia Sheinbaum's inauguration ceremony as Mexico's president on Tuesday. Advertisement · Scroll to continue Mexico and Brazil have a trade agreement dated from the early 2000s which sets the exemption or the reduction of imports fees for some 800 types of products. "The growth of our relationship has already topped that agreement," Marcelo Ebrard, Mexico's incoming economy minister, said on the sidelines of an event on Monday. "We need to update it," he added. Earlier in the day at the same event, Lula said that the trade agreements between both countries, which also include a deal regulating trade of vehicles and auto parts, need to be revised as soon as possible. Advertisement · Scroll to continue "I want our industries to grow, our agricultures to grow, I want Brazil and Mexico investing to build artificial intelligence that could bring economic benefits for us," he said in his speech, without providing more details. During the event, Lula also suggested that the trade agreement in discussion between the European Union and South America's Mercosur bloc could in the future be extended to Latin America. Reporting by Kylie Madry in Mexico City; Eduardo Simoes and Andre Romani in Sao Paulo; Editing by Chris Reese, Aida Pelaez-Fernandez, Edward Tobin Our Standards: The Thomson Reuters Trust Principles., opens new tab
Share
Share
Copy Link
Brazil and Mexico, Latin America's largest economies, are exploring the possibility of updating their trade agreement. The move aims to boost bilateral trade and strengthen economic ties between the two nations.
Background
Brazil and Mexico, the two largest economies in Latin America, are taking steps to revise their existing trade agreement. This initiative comes as both countries seek to strengthen their economic ties and boost bilateral trade in the face of global economic challenges
1
.Current Trade Relations
The existing trade agreement between Brazil and Mexico, known as Economic Complementation Agreement 53, has been in place since 2002. However, it only covers about 17% of tradeable goods
2
. This limited scope has left significant room for expansion and improvement in trade relations between the two nations.Proposed Changes
Brazilian Trade Minister Tatiana Prazeres has announced that both countries are interested in modernizing their trade agreement. The proposed revisions aim to expand the range of products covered and potentially include new areas such as services and investments
3
.Motivations and Expectations
The push for a revised trade agreement is driven by several factors:
-
Increasing bilateral trade: Both countries see potential in expanding their trade relationship, which could lead to economic growth and job creation.
-
Diversification: Brazil and Mexico are looking to diversify their trade partners, reducing dependence on other major economies like the United States and China.
-
Regional integration: A stronger trade relationship between these two major Latin American economies could foster greater regional economic integration.
Related Stories
Timeline and Process
While specific details about the timeline for negotiations have not been disclosed, Minister Prazeres has indicated that technical teams from both countries will meet soon to begin discussions
1
. The process is expected to involve multiple rounds of negotiations to address various aspects of the trade relationship.Potential Impact
A revised and expanded trade agreement between Brazil and Mexico could have significant implications for both countries and the broader Latin American region:
-
Increased trade volume: A more comprehensive agreement could lead to a substantial increase in the flow of goods and services between the two nations.
-
Economic growth: Enhanced trade relations could contribute to economic growth and job creation in both countries.
-
Regional influence: Strengthening ties between Latin America's two largest economies could boost the region's collective economic clout on the global stage.
As negotiations progress, businesses and policymakers in both countries will be closely watching for opportunities that may arise from this potential trade expansion.
References
Summarized by
Navi
[1]
[2]
[3]
Related Stories
Weekly Highlights
1
Anthropic Secures $13B in Funding, Reaching $183B Valuation Amid AI Industry Boom
Business and Economy
2
OpenAI Partners with Broadcom to Develop Custom AI Chips, Challenging Nvidia's Dominance
Technology
3
Tesla Proposes $1 Trillion Pay Package for Elon Musk, Tied to Ambitious AI and Robotics Goals
Business and Economy
Weekly Highlights
Explore today's top stories
Your Daily Dose of Curated AI News
Don’t drown in AI news. We cut through the noise - filtering, ranking and summarizing the most important AI news, breakthroughs and research daily. Spend less time searching for the latest in AI and get straight to action.
