December 11, 2017
Wednesday, June 11, 2014

Argentina, Brazil gov'ts seal automotive deal

Argentina and Brazil today signed a deal for automotive trade between the two nations, which will be valid until July 2015 and aims to revive the sector which has seen heavy falls in activity since the beginning of this year.

The new pact stipulates a "flex in vehicle trade exchanges of 1.50," according to both governments, who spoke briefly following a meeting between Argentine Economy minister Axel Kicillof, Industry minister Débora Giorgi and Brazil's Industry minister Mauro Borges.

This means a commitment from Brazil to export 1.50 dollars for every dollar imported from Argentina in the automotive sector. The proportion was previously 1.95 to 1, in the Brazilians' favour.

Speaking at a press conference convened after the meeting, Kicillof praised the deal signed with Brazil and assured that it would help to maintain jobs in both countries.

"This is a very satisfying day," the minister told reporters.

"With this deal, we will look to continue going forward in the process of productive integration," he added, stating that officials were "very pleased, because a new stage of deepening the bilateral relationship has been opened."

"[Argentina and Brazil] represent together the third-biggest automobile market," Kicillof pointed out, affirming that the nations would work in tandem to break into other markets.
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Tags:  Argentina  Brazil  industry  Kicillof  automobiles  trade deal  

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