Exclusive: Brazil asks Mexico for $1.4 billion auto export quota

Reuters News
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Posted: Mar 09, 2012 11:08 AM

MEXICO CITY (Reuters) - The Brazilian government has asked Mexico to limit the value of its auto exports to Brazil to around $1.4 billion for the next three years as part of a set of demands aimed at renegotiating the two countries' automotive trade deal.

Brasilia said the quota was the average annual value of Mexican auto exports to Brazil in the last three years, according to a letter dated March 8 to Mexican Foreign Minister Patricia Espinosa and Economy Minister Bruno Ferrari seen by Reuters.

The Brazilian letter said the two sides had reached an understanding to define the terms of the deal's overhaul by Friday. The Mexican government was not immediately available for comment.

(Reporting Ana Isabel Martinez)