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Auto Makers Welcome EU-Mercosur Trade Deal, an Industrial Info Market Brief

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Industry Segment: Market Brief | Word Count: 202 Words

A free trade agreement between the EU and Mercosur, the South American trade bloc, has been welcomed by the European Automobile Manufacturers' Association (ACEA).

The understanding between the two trade blocs provides that more than 90% of international trade between the four Mercosur members (Brazil, Argentina, Uruguay and Paraguay) and 28 EU countries will have import tariffs zeroed within 10 years, including 100% of industrial products, which, in theory, should benefit vehicles and auto parts manufacturers.

Tariff rates for motor vehicles are currently as much as 35% in Brazil and Argentina.

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