Brazil reduces tariffs on 87% of categories of imports

Recently, the Ministry of Economy of Brazil announced a 10% reduction in import tariffs on commodities such as beans, meat, pasta, biscuits, rice and building materials. The policy covers 87% of all categories of imported goods in Brazil, involving a total of 6,195 items, and is valid from June 1 this year to December 31, 2023.

This is the second time since November last year that the Brazilian government has announced a 10% reduction in tariffs on such goods. Data from the Brazilian Ministry of Economy shows that through two adjustments, the import tariffs on the above-mentioned goods will be reduced by 20%, or directly reduced to zero tariffs.

The head of Brazil's foreign trade agency, Lucas Ferraz, believes that this round of tax cuts is expected to reduce prices by an average of 0.5 to 1 percentage point. Ferraz also revealed that the Brazilian government is negotiating with the other three members of the Mercosur, including Argentina, Uruguay and Paraguay, to reach a permanent tax reduction agreement on such commodities among the Mercosur member countries within 2022.

Even under the influence of the epidemic, China-Brazil trade will still set a new record of US$138 billion in 2021. China has been Brazil's largest trading partner and export market for 13 consecutive years, and is currently one of Brazil's main sources of investment.

On May 24, the Ministry of Commerce of China announced the list of outcomes of the sixth meeting of the China-Pakistan High-level Coordination and Cooperation Committee. The list shows that China and Pakistan have agreed on two documents, the "China-Pakistan Strategic Plan 2022-2031" and the "China-Pakistan Implementation Plan 2022-2026". The list shows that the two sides will jointly promote bilateral trade cooperation and digital economic exchanges, deepen scientific and technological innovation cooperation, expand practical business channels, deepen China-Pakistan digital technology exchanges, and promote the development of agricultural trade between the two countries.

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