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LATIN AMERICA: "Nearshore Attraction: Latin America Beckons as a Global Outsourcing Destination" report. 36-page report by KPMG International
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backLATINtalk April, 2012
Argentina looks to stem imports of Mexican-made autos
Argentina is looking to reduce its imports of automobiles manufactured in Mexico in light of that country's refusal to revise the 2002 bilateral automotive trade agreement, media reports said.
Mexico is unwilling to discuss the matter and Argentina is determined to revise the agreement, which has led to a deficit in the bilateral automotive trade since 2008, officials said.
Argentine Industry Minister Debora Giorgi has been awaiting a reply from Mexico since early March, when she requested a meeting with Mexican officials to discuss the matter, the officials said.
Argentina posted a deficit of around $1 billion last year in automobiles and automotive parts with Mexico, and the South American country now wants its trade partner to increase its purchases from Argentine plants.
Retaliatory measures taken by Argentina would affect imports of vehicles made by Japan's Honda and Nissan, Germany's Volkswagen and US-based Ford and General Motors, press reports said.
Mexico, meanwhile, has agreed to renegotiate its automotive trade agreement with Brazil.
The two countries reviewed their bilateral free-trade deal on autos over the past few weeks due to Brazil's concerns about a spike in imports from Mexico and the potential damage that has been caused to Brazilian manufacturers.
Mexico and Brazil also agreed to exchange trade missions to bolster trade relations, which had become frayed due to concerns expressed by the South American country.
Argentina rejected the allegations made Friday by the US, the European Union and other countries in the World Trade Organization, or WTO, that it was seeking to implement protectionist policies.
Source: News Track India - GAI
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