LatinNews Daily - 26 June 2020

* The Brazilian and Mexican governments have reached an agreement which establishes the free trade on heavy vehicles (lorries and buses) and their auto parts between the two countries. This adds to an existing agreement on the free trade of cars, light commercial vehicles, and their auto parts. As per the new agreement, tariffs on the trading of heavy vehicles will be gradually reduced from 1 July this year, until they are completely extinguished on 1 July 2023. Tariffs on the trading of heavy vehicle parts will be extinguished from the moment the deal comes into effect, on 1 July this year. Brazil’s economy and foreign ministries highlighted the commitment to increasing bilateral free trade between Brazil and Mexico that this agreement represents, considering the “complex global economic situation” in which it was reached.

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