Brazil and Uruguay to end import quotas for vehicles from January 1

After three and a half months of negotiations, Brazil and Uruguay signed Wednesday a free-trade agreement that eliminates quotas for light and heavy vehicles. Amid the crisis in the domestic market, the accord is a result of the Brazilian government's efforts to open foreign markets to automakers in the country. The new agreement will eliminate quotas for passenger cars, buses, trucks, agricultural machinery, auto parts, chassis and tires from January 1. Bilateral trade between Brazil and Uruguay in the automotive sector reached $630 million in 2014, with 14,229 units of light and heavy vehicles sold. The Uruguayan market sells 60,000 vehicles annually.

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