by supplychainreport
Brazilian and Mexican officials have indicated the need to revise and expand their existing trade agreements to further strengthen economic relations between Latin America’s two largest economies.
Brazilian President Luiz Inacio Lula da Silva is visiting Mexico as part of an official government trip, which includes attending Claudia Sheinbaum’s inauguration as Mexico’s president on Tuesday.
The current trade agreement, dating from the early 2000s, provides exemptions or reductions on import fees for roughly 800 types of products. Officials noted that bilateral trade growth has outpaced the scope of the existing agreement.
Marcelo Ebrard, Mexico’s incoming economy minister, emphasized the importance of updating the framework. “The growth of our relationship has already topped that agreement. We need to update it,” he said during a public event on Monday.
President Lula highlighted the potential for the revised trade agreement to support growth in industries and agriculture in both countries. He also emphasized opportunities for investment in technologies such as artificial intelligence, which could yield economic benefits.
Additionally, Lula suggested that future trade arrangements, like the agreement between the European Union and the Mercosur bloc, could potentially be extended to benefit broader Latin American trade integration.
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