With an international trade of USD$ 8.8 billion in 2017, Latin American powerhouses Mexico and Brazil will be further discussing their economic relations. These countries will be deliberating supplementary agreement ACE 53 and 55. Supplementary agreement ACE 53 deals with trade aspects between both countries, including government procurement, tariffs and non-tariff issues, like sanitary and phytosanitary requirement, among others. Supplementary Agreement ACE 55 revolves around commerce in the automobile industry between both countries, which accounted for nearly 30% of Brazilian exports and 40% of its imports.
Mexico is one of Brazil´s strongest economic partner, and the goal is to review the relationship between both countries to increase trade. In fact, trade increased by 19% from 2016 to 2017, and the meeting taking place in Mexico City today, November 13th has the intent to increase flows between both countries even further.