Brazil to waive 30 percent tax on Colombian autos

Brazil has agreed to allow imports of Colombian vehicles and car parts without a 30 percent industrial products tax as part of a bilateral auto pact under negotiation during Mercosur trade talks with Latin America's Pacific coast countries, a Brazilian government source said on Friday.

The source at the trade meeting in Buenos Aires said final details were still being worked out with Colombia, an increasingly important market for Brazil's auto exports which are helping the industry recover after a four-year downturn.

Source: Reuters