The Mexican government ruled out signing a free trade agreement with Brazil on Thursday, although both countries signed cooperation agreements in several sectors.
During Brazilian Vice President Geraldo Alckmin’s visit to Mexico, agreements were announced in areas such as biofuels, competitiveness, and regulatory cooperation. However, officials clarified that a broader trade deal is not currently under consideration.
The announcement comes amid international trade pressures. Brazil is facing 50% tariffs imposed by the United States, while Mexico is negotiating a long-term deal with Washington to avoid new duties.
Brazilian President Luiz Inácio Lula da Silva had previously emphasized the importance of strengthening trade relations with Mexico and expanding cooperation in sectors such as pharmaceuticals, agriculture, and aerospace.
Meanwhile, Mexico’s Economy Minister Marcelo Ebrard reported that both governments signed a memorandum of understanding to enhance collaboration, including measures to increase Mexican automotive exports to Brazil.
The two countries also discussed a potential agreement between their health regulatory agencies to speed up the approval of new medicines, as well as joint projects in deep-water oil exploration, where Brazil has significant expertise.
Overall, both governments highlighted that their bilateral relationship will focus on targeted cooperation rather than a comprehensive free trade agreement.
Source: El Diario MX
