Brazil and Argentina announced an extension on an automotive agreement that aims to reinforce their bilateral relations, Brazil’s chamber of foreign trade (Camex) said on Wednesday.
Under the agreement, both countries are expected to jointly build a policy for the auto parts sector, including discussions and new techniques that both countries share in common to strengthen the market.
The deal also sets minimum shares of Brazilian and Argentine automobiles in each country. Brazil would need to have a minimum share of 44.3 percent of cars in Argentina, and Argentina a 11 percent share in the Brazil market.
Camex did not disclose other details about the agreement, but said the deal was extended from July 1, 2014 to June 30, 2015.