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Mexico to eliminate tariffs on imports within 16 years

Mexico committed to eliminate tariffs on all imports, except for 73 product classifications and some dairy and palm oil quotas, in the Trans-Pacific Partnership Agreement (TPP).

The tariffs on all other products will be eliminated immediately or at different periods, which range from three to sixteen years from the entry into force of the TPP.

Ildefonso Guajardo, Minister of Economy, said that Mexico would eliminate 77% of the tariff rate immediately; another 3% would be liberalized in five years, and the remaining 20% in longer periods. The vast majority of this portion would be eliminated in 10 years.

Taxes on the importation of bananas, canned tuna, sardines, pineapples and some kinds of coffee, all with a 20% tariff, would be free of tariffs in 16 years.

The TPP would enter into force once it is signed in the first quarter of 2016 and ratified by the congresses.

In 15 years, Mexico will have to eliminate the 210% tariff charged on imports of fructose; as well as the 20% tariff on lobsters, mushrooms, watermelons, peaches, strawberries, apples and canned food; the 15% tariff on potatoes and glucose, and the 10% tariff on sheep, alcohol, onions, garlic and mangoes.


Source: eleconomista.com.mx

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