The Wall Street Journal, 2/8/12
Mexican government and auto industry officials said they aren’t seeking to renegotiate an auto and auto-parts trade pact with Brazil, although the country has sent a delegation to the South American country to discuss Brazil’s dissatisfaction with the agreement.
The trade deal known as ACE 55 has been in effect since 2003, the statement said, and during that time trade between Mexico and Brazil in the auto sector has grown to more than $2.5 billion last year from about $1.1 billion in 2003. “Given the importance of ACE 55 for bilateral trade, the Mexican government will not seek to renegotiate it,” said the statement, which was issued late Tuesday.
While Brazil wants out of the current agreement because of a growing deficit in the auto trade with Mexico in recent years, Brazil had been running notable trade surpluses under ACE 55 in the first six years of the agreement, said the joint statement from the Mexican ministries of Economy, Foreign Relations, and three groups representing the light vehicle, heavy vehicle, and auto parts industries.