The signing ceremony of the Fifth Additional Protocol to Appendix II of the Automotive Agreement (or ACE-55) with Mexico took place today, March 9, in Rio de Janeiro, with the participation of the Minister of Foreign Affairs, Ambassdor Mauro Vieria, the Minister of Development, Industry and Foreign Trade, Armando Monteiro, and Mexico's Secretary of Economy, Ildefonso Guajardo Villarreal.
The Agreement renewed the quota system for the automotive trade between the two countries over the next four years. In addition, important alterations concerning the management of quotas were approved, particularly those regarding allocation of quotas and rules of origin, with the aim of balancing mutual benefits and integrating production chains.
Brazil-Mexico automotive trade is regulated by LAIA's Economic Complementary Agreement n. 55, effective since 2003. In 2014, trade in the sector totalled US$ 4.137 billion, representing 45.8% of bilateral trade.