RIO DE JANEIRO, BRAZIL - After reducing by 10% the import tariffs on machinery, computers and cell phones, the Ministry of Economy intends to extend the benefit to the other products jointly taxed with MERCOSUR countries.
In an official statement, the Ministry of Economy said the Common External Tariff (TEC) is outdated and high by current standards.
"We are working for the across-the-board cut in our import tariffs, which includes the modernization of MERCOSUR's Common External Tariff (TEC), dating back to 1995, which no longer reflects the current productive reality. We are negotiating a 10% cut in all . . .