Tariff reduction should increase imports into Mercosur

Tariff reduction should increase imports into Mercosur

Economy Minister Paulo Guedes said today that MERCOSUR’s reduction in TEC (Common External Tariff) should increase imports of products in the bloc and help keep the country’s internal prices from rising. “We have called on our Argentine, Paraguayan and Uruguayan brothers to modernize MERCOSUR. With their understanding, we are about to take the first step, which is a 10% reduction in almost all normal import duties. We will reduce our products to 13%. Going to leave out of this shortfall, but we managed to move in 87% of goods and services,” Geddes told the third MERCOSUR International Trade and Services Conference.

And he added: “We want to shock the supply, reduce imports and reduce the rise in prices. This is the ideal moment for the opening of Mercosur, despite the timidity.”

The minister once again defended greater integration of Brazil and MERCOSUR countries into the global economy. “Brazil is one of the world’s most closed economies, it’s sad, regrettable. We lost space and retreated because we perpetuated obsolete commercial practices”, he assessed. “Brazil is moving towards agreements in the Asian region. It is important that MERCOSUR allows the flexibility of the agreements. We need to buy cheaper food and create more jobs,” he reiterated.

G20 and Emerging

The economy minister also said that the Brazilian government is working to direct the G20 negotiations towards emerging countries. He recalled that Indonesia, India and Brazil are the next countries to assume the annual presidency of the grouping of the world’s largest economies.

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“The next three G20 presidencies will be emerging, and we are already in talks to create our agenda. We have to turn the axis of the conversation to its direction. Brazil has to be the hero of the planet’s green future this March. Towards clean energy,” the minister said.

According to Geddes, Brazil should have the support of the United States and the European Union in discussing payments for environmental protection. “Conserving natural resources has to pay for the service. Brazil and Indonesia are conservation champions, India is too,” he said.

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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