Mexico and Argentina reaffirmed their commitment to deepen their bilateral ties, according to several media reports.
Mexico’s economy minister, Ildefonso Villarreal, and Argentina’s foreign relations minister, Susana Malcorra, met this week to discuss a number of topics, including the approximation of regional trade blocs Mercosur—which includes Argentina—and the Pacific Alliance, including Chile, Colombia, Mexico and Peru.
In the meeting, both countries discussed the current global economic situation and the two countries’ commitment of stimulating the free trade as a way to boost economic growth. The two ministers agreed to meet a second time this year in Buenos Aires, Argentina.
In March 2015, representatives from the Argentinian and Mexican governments signed a four-year agreement relating to the automotive sector. The agreement would exempt from taxes light vehicle and auto part exports from both countries.
Under the deal, both countries have an export quota of $575 million, which started on March 19, 2015 and will gradually increase to $638 million during the last year of the agreement—March 2018 to March 2019. Both countries have committed to limit domestic auto production to 35 percent of the market. That level should increase to 40 percent in 2019.