Argentina suspends free automotive trade with Mexico

Mexico City — Argentina’s government will suspend the Economic Complementation Agreement (ACE 55) with Mexico, which allowed free flow of automobiles and auto parts. In a press conference, Bruno Ferrari, Minister of the Economy, said that Mexico’s government is not willing to negotiate the Agreement with Argentina, and they will resort to international venues to keep in in force. Mr. Ferrari pointed-out that since 2003 bilateral trade of automobiles and auto parts posted a surplus for Argentina, but in 2011 the balance was in favor of Mexico; therefore, “There is no argument to suspend the Agreement”. In 2011 US$88.7 million were exported in automobiles, while US$237.7 million were imported, benefiting the domestic industry.