Brazil and Mexico have extended an existing economic cooperation agreement, the two governments said this week following a meeting in Brazil’s capital, Brasilia.
The deal, also known as the Economic Complementation Agreement No. 53 (ACE53), provides tax exemptions for several products from both countries, and aims to strengthen the trade between the two largest economies of Latin America.
Mexico is a key market for Brazil, as it ranks as the seventh most important market for Brazilian exports, most of which relate to the industrial and automotive sectors.