Mexico and Argentina formalize preferential treatment in cars and beans

Mexico and Argentina formalize preferential treatment in cars and beans

The meeting was headed by the Undersecretary of Foreign Trade, Luz María de la Mora, and by the Secretary of International Economic Relations of Argentina, Cecilia Todesca.

“The agreement reached between the two countries was celebrated to maintain preferential treatment for automobile trade through an annual quota scheme, as well as the establishment of a temporary preferential quota for imports into Mexico of black beans from from Argentina,” the document added.

These agreements will be formalized through the signing of the ACE 55 and ACE 6 protocols, respectively.

“Undersecretary de la Mora highlighted the relevance of maintaining preferential conditions for trade in light vehicles within the framework of Appendix I of ACE 55, given the importance of the automotive sector for the Mexican economy, as well as for trade within of the Latin American region,” the bulletin said.

Both officials reaffirmed the “commitment” of their governments to generate the conditions that allow the negotiation process to be resumed within ACE 6, in follow-up to the commitment made by the leaders of Mexico and Argentina “to deepen the commercial relationship and, with it, increase levels of trade and investment between the two countries”

Argentina is Mexico’s sixth largest trading partner in Latin America and ranks 11th as a source of foreign direct investment globally.

In 2021, trade between Mexico and Argentina totaled 1,855 million dollars, the SE concluded.

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