July 19, 2018 / 4:36 PM / 6 months ago

Argentina cuts import duties on auto parts to drive competition

BUENOS AIRES, July 19 (Reuters) - Argentina will lower import tariffs by 2 percent on more than 130 auto parts in an effort to raise competition in the industry, the production ministry said on Thursday.

The measure applies to imported parts used in vehicle manufacturing, including trailers, buses, trucks and agricultural machinery, according to the ministry.

Brazil is Argentina’s largest automotive trading partner. The countries share a common automotive policy which allows import tariff reductions of up to two percent.

“We will continue working on different measures to improve industry competitiveness through technical assistance, financing, and lowering logistical, labor and tax costs across the value chain,” the ministry said in a statement.

Argentina’s year-on-year automobile production fell 13.4 percent in June to 39,420 units according to a report by the Association of Automakers (ADEFA).

Reporting by Walter Bianchi Writing by Scott Squires Editing by Chris Reese

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