Mexico targeting the “very closed” Brazilian economy expects to negotiate a trade deal — MercoPress

Mexico concentrating on the “very closed” Brazilian economic climate expects to negotiate a trade deal

Tuesday, February 4th 2020 – 07:15 UTC

Financial system Minister Graciela Marquez said Mexico has for a long time been seeking to increase accessibility to Brazil’s auto marketplace

Mexico is negotiating with Brazil to grow financial cooperation and believes it can locate locations of mutual profit even however the Brazilian financial system is “very closed,” Economic climate Minister Graciela Marquez explained on Friday.

Mexico’s highly effective automotive business has for yrs been seeking to boost access to Brazil’s car or truck market, when Brasilia has sought to safeguard local field. In March, the two reached a offer to liberalize trade of light-weight motor vehicles.

Marquez claimed Mexico was conversing to Brazil, as perfectly as its second-most important Latin American investing companion, Argentina, to broaden present economic cooperation agreements.

“Brazil is a tricky region, it is the opposite of Mexico,” she informed a governing administration information meeting. “Mexico is a quite open up overall economy, Brazil is incredibly shut.” Even so, Marquez mentioned she considered there ended up places ripe for progress the place the two economies complemented just about every other.

“We’re sitting down at the table with Brazil to develop (our) complimentary agreement and see the possibilities of making a broader, more ambitious settlement,” reported Marquez, whose federal government assumed ability in December 2018.

Brazil’s overseas trade secretary, Marcos Troyjo, reported in Rio de Janeiro later on Friday that the country is pretty fascinated to operate on a wide deal with Mexico.

Troyjo mentioned it was not in the fascination of Brazil and its associates in the Mercosur trade bloc to get the job done on a deal that targets only some particular sectors.

The Brazilian government has pushed for some trade agreements not long ago, possessing clinched a big offer with the European Union. Troyjo also said Mercosur will seek a article-Brexit offer with the United Kingdom.

Total trade among Latin America’s two major economies was well worth US$ 14.7 billion in 2018, in accordance to Mexican details. Bilateral trade volume fluctuated drastically beneath the earlier authorities of Enrique Pena Nieto and has nonetheless to surpass the US$ 15 billion peak attained in 2013.

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