Mexico and Brazil Report on Economic Cooperation Agreement
The Governments of Mexico and Brazil have reported the Fourth Supplemental Protocol to Appendix II "On trade in the Automotive Sector between Brazil and Mexico," of the Economic Complementarity Agreement No. 55 (ACE 55). Under this agreement, both countries agree…
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to a three-year temporary and incremental scheme for the levels of duty-free light vehicle exports. Such trade, after March 19, 2015, will then become free. They also agreed to increase the regional content of light vehicles from 30 to 35 percent during the first year to 40 percent after five years. Finally, with regard to heavy vehicles, consultations will be carried out to achieve reciprocal access to, and the homogenization of, technical and environmental standards. According to the Mexican Ministry of Economy, this agreement provides legal and commercial certainty to the manufacturing sectors of Mexico and Brazil.