Brazil, Argentina sign auto industry regulation agreementStaff Writer | August 25, 2018
Argentinian and Brazilian representatives on Friday signed a memorandum of understanding to begin merging vehicle production regulations of both countries.
LatAm The automotive sector represents 4 percent of the Brazil's GDP
According to Brazilian Minister of Industry, Foreign Trade and Services Marcos Jorge, the agreement is an important step in promoting the merging of both countries' automotive industry regulations.
"It means that our teams, from both sides, will begin work to converge motor vehicle regulations," he said.
The Brazilian minister noted that the automotive sector represents 4 percent of the country's GDP and that this memorandum will attract more investment into the industry.
The eventual aim is to expand the agreement to other countries, including members of the Pacific Alliance, a sub-regional trade bloc in South America with member countries of Peru, Colombia, Chile and Mexico, he added.
The representatives expect the merging of security rules, which include 31 items, to be completed in six months. ■