Brazilian and Mexican authorities said Monday they see the need to revise and expand their current trade agreements to strengthen ties between Latin America’s two largest economies.
Brazilian President Luiz Inacio Lula da Silva is in Mexico on an official state visit during which he will also attend the inauguration ceremony of Claudia Sheinbaum as Mexican president on Tuesday.
Mexico and Brazil have a trade agreement dating back to the early 2000s that provides for the exemption or reduction of import tariffs on around 800 types of products.
“The growth of our relations has already overtaken this agreement,” Marcelo Ebrard, Mexico’s new economy minister, said on the sidelines of an event on Monday. “We need to update it,” he added.
Earlier, Lula said at the same event that trade agreements between the two countries, which include an agreement regulating trade in vehicles and auto parts, need to be revised as soon as possible.
“I want our industries to grow, my agriculture to grow, I want Brazil and Mexico to invest in building artificial intelligence that could bring us economic benefits,” he said in his speech, without giving further details.
During the event, Lula also hinted that the trade deal currently being discussed between the European Union and South America’s Mercosur bloc could be expanded to Latin America in the future.
