07/03/2021

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Mexico gives automakers more time to meet new North American trade agreement rules

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MEXICO City — Mexico’s authorities explained Friday it has accepted a request by twelve automotive corporations for added time to fulfill new regional articles requirements under the North American trade arrangement that arrived into power in July.

The financial state ministry explained in a assertion that under the United States-Mexico-Canada-Settlement, corporations could request a so-identified as choice transition regime to comply with the greater articles requirements under the trade deal.

The request was granted for Tesla Inc., Volkswagen de Mexico, Volvo Car United states of america, FCA Mexico, Hyundai Motor America, Mazda Motor de Mexico, Toyota Motor de Mexico, Kia Motors Mexico, Kia Motors Producing Georgia, Nissan Mexicana, Ford Motor Co. and Cooperation Producing Plant Aguascalientes, it explained.

For tariff-free of charge trade in gentle automobiles, the arrangement demands 75 % North American articles in contrast with a 62.5 % threshold under its predecessor, the North American Absolutely free Trade Settlement.

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