Brazil and Argentina extended a cooperation agreement for their automotive sectors, the Brazilian ministry of development, industry and foreign trade, MDIC, said on Friday.
According to MDIC, the agreement establishes norms for the commercialization of automotive-related products between the two economies. The deal also allows the neighboring countries to sell their products without paying import tariffs.
The existing agreement was extended for one year, effective on July 1, and there were no changes in the rules of the already established cooperation, MDIC said.
According to MDIC, Argentina can import $1.50 in products from Brazil for every $1.00 it exports to Brazil in auto parts and automobiles.