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Brazil, Paraguay sign free trade agreement for vehicle sector

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Christian Fernsby ▼ | February 12, 2020
Brazil and Paraguay signed an agreement to boost trade of autos and auto parts between the two countries.
Paraguay auto factory
Auto industry   Brazil will grant free trade treatment to Paraguayan automotive products
Under the agreement, Brazil will grant free trade treatment to Paraguayan automotive products immediately and Paraguay will allow Brazilian products to enter the country with lower taxes, which are of up to 2 percent and will gradually decrease until free trade conditions are met by 2022.

Topics: Brazil Paraguay trade vehicle

According to the Brazilian government, the agreement does not have an expiration date and will be valid for an indeterminate length of time.

The agreement is regarded as a positive signal for the Brazilian automotive sector, which has been suffering from an decrease of vehicle exports, mainly due to the prolonged economic crisis in Argentina, the sector's main market.


 

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