The Brazilian Confederation of Industry, CNI and the IndustriALL-Brasil (which represents industry unions) have officially requested that in the next Mercosur meeting, scheduled for early this month, Brazilian representatives withdraw the proposal for a reduction of block trade tariffs with other countries. However, both institutions also backed the current flexibilization of current trade talks with third countries, such as South Korea.
Venezuela will adopt the Mercosur common external tariff in four annual stages which are scheduled to conclude in the first half of 2016, according to what was agreed at the summit held Friday in Brasilia and reported by Brazilian diplomatic sources. This was Venezuela’s first summit as a full member of the South American trade and political block.
Brazil will request at least 100 additional exceptions from Mercosur common external tariff, TEC, as part of the program to prop local industry that was announced earlier this week and includes tax relief to the tune of 16 billion dollars.