RIO DE JANEIRO, BRAZIL - The European Union and The Southern Common Market Mercosur, consisting of Argentina, Brazil, Paraguay, and Uruguay, have taken an important step forward in their negotiations.
According to the negotiated provisions, Brazil agrees to open an annual import quota of 32,000 motor vehicles from Europe at a tariff rate of 17.5%, half the normal rate, for seven years from the entry into force of the agreement between Mercosur and the European Union (EU).
After the seven years with quota, tariff relief (reduction mechanism) begins until it reaches zero in the following eight years in this . . .