MEXICO CITY: After two days of negotiations, Mexico and Brazil have still not reached an agreement on an auto pact and will continue discussions in the second week of March, the Mexican government said on Friday.
The accord, signed in 2012, limits the export of vehicles from Mexico to Brazil.
While sources have told Reuters that Brazil wants to extend the quota for three to five more years, Mexico wants to move forward with the free trade of vehicles when the pact expires on March 19.
"From the Mexican side, the expectation, and what was agreed upon, is that we should return to free trade," Mexican Economy Minister Ildefonso Guajardo told reporters on Friday.
"In any negotiation, everyone has to have the capacity to be flexible."
While Mexico seeks to capitalize on its booming auto industry, Brazil is trying to protect its struggling auto sector.
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