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Brazil, Argentina to renegotiate auto agreement

Xinhua, February 19, 2016 Adjust font size:

Brazil and Argentina have announced a decision to re-negotiate their automobile agreement, the official news agency Agencia Brazil said on Thursday.

The announcement was made after a meeting between Brazil's Development, Industry and Trade Minister Armando Monteiro and Argentina's Minister of Production Francisco Cabrera and Minister of Transports Guillermo Dietrich.

The ministers agreed to launch bilateral negotiations to achieve "productive integration, job generation, aggregation of technological value and access to new markets."

A free trade agreement is not foreseen for the short term, which is a goal to be achieved progressively in balanced condition, said the announcement.

The ministers also decided to re-activate the Bilateral Trade Commission, which is aimed at strengthening bilateral trade. The first meeting of the commission is expected to be held in March.

The two countries, both founding members of the Southern Common Market (Mercosur), highlighted the need to make Mercosur more dynamic and increase the bloc's trade with the European Union and other regions. Endi