Brazil and Mexico Seek Updated Trade Agreement, Reports Reuters

MEXICO CITY/SAO PAULO – Authorities from Brazil and Mexico announced on Monday their intention to revise and expand existing trade agreements to strengthen the relationship between the two largest economies in Latin America.

Brazilian President Luiz Inacio Lula da Silva is visiting Mexico as part of an official government trip, during which he will attend Claudia Sheinbaum’s inauguration ceremony as Mexico’s president on Tuesday.

The current trade agreement between Mexico and Brazil, established in the early 2000s, aims to exempt or reduce import fees on approximately 800 types of products.

Marcelo Ebrard, Mexico’s incoming economy minister, emphasized the need for an update, noting that the growth of their bilateral relationship has already surpassed the scope of the original agreement.

During the same event, Lula highlighted the urgency of revising the trade agreements between the two nations, which also include stipulations concerning vehicle and auto parts trade.

Lula expressed his aspirations for the growth of both countries’ industries and agriculture and underscored the importance of investing in artificial intelligence to generate economic benefits.

Additionally, Lula suggested that future trade agreements between the European Union and the Mercosur bloc of South America could potentially extend to encompass the entire Latin American region.