BREAKING NEWS

Sources: Brazil mulls raising Mexico car trade quota

By REUTERS

SEPTEMBER 20, 2012 04:12

MEXICO CITY - Brazil is considering raising a three-year bilateral auto trade pact quota it agreed to with Mexico in March, potentially allowing Mexican exporters to sell around $350 million worth of additional vehicles to the Brazilian market annually.

A Mexican government source familiar with the matter and a Brazilian official said the two sides had raised the possibility of increasing the quota after booming sales of Mexican cars to Brazil this year.

Companies in Brazil that import and sell cars are pressuring the Brazilian government over the trade quota, which was used up in the first six months of the modified pact, which took effect in March.

Brazil drew an angry response from some in Mexico when it decided to change the terms of an existing auto pact to protect itself from surging vehicle imports from Mexico.

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