Brazil and Argentina consider boosting auto purchases

Brazil and Argentina launched on Tuesday (Apr. 29) a workgroup to draw up strategies for raising bilateral purchase rates in the automotive sector, reported Brazil’s Ministry of Finance and Ministry of Development, Industry and Foreign Trade.

Representatives from these ministries announced in a note that the increase in purchase levels will further integrate production and build up bilateral trade. “Considering the deal reached, the governments of Brazil and Argentina have also committed to ensuring the fluidity of bilateral commercial operations with a view to raising exports on both sides,” the text reads.

The creation of the workgroup was announced after a meeting that lasted for almost three hours and gathered entrepeneurs and representatives from the Brazilian and Argentinian governments at the Ministry of Finance, in Brasília. Apart from commercial measures, the two countries are considering the use of financial devices to stimulate auto exports.

New meetings are scheduled for May 6 and 7, during which the workgroup is to set the guidelines and goals for the increase in bilateral trade.

Translated by Fabrício Ferreira