FX.co ★ Brazil Readies Updated Sector Trade Deals with Mexico

Brazil and Mexico are anticipated to finalize complementary trade agreements by August next year, as announced by Brazilian Vice President Geraldo Alckmin during a meeting with Mexican President Claudia Sheinbaum, as reported by Reuters. Preliminary accords have been established in fields such as agriculture, health, and biofuels. Brazil is eager to expand its beef exports to Mexico, now the second-largest importer of Brazilian meat, overtaking the United States. However, Mexico mandates livestock "traceability," a requirement Brazil is in the process of adopting. "Our objective is to ensure uninterrupted sales of Brazilian products while we advance toward full traceability, as we have mutually agreed," Alckmin stated. Additionally, Sheinbaum showed interest in Brazil’s biofuel policy, which mandates increased blending of biofuels with traditional fossil fuels, Alckmin noted.