April 7, 2017 / 7:49 PM / 6 months ago

Argentina, Colombia agree to waive taxes on some car imports

BUENOS AIRES, April 7 (Reuters) - Argentina and Colombia have agreed to eliminate taxes on a limited number of car imports, officials from Colombia and Argentina said at a news conference on Friday.

Tariff-free car exports from Argentina to Colombia will be up to 12,500 vehicles in the first year and gradually rise to up to 42,000 by the fourth year of the agreement when they would be worth some $700 million, Argentina’s Secretary of Trade Miguel Braun said.

“The quota will keep rising until it reaches 42,000 in the fourth year and will stay there,” he said.

Colombia would also be able to export autos to Argentina though Colombian production is limited, the officials said. (Reporting by Maximilian Heath Caroline Stauffer; Editing by Marguerita Choy)

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