Brazil cuts import taxes on nearly 1,000 products

According to a report from São Paulo on March 26 by China News Service, the Executive Management Committee of the Brazilian Foreign Trade Council (Gecex) decided on the 26th to implement a four - month zero - tariff policy for 191 electronic and information technology products whose import tariffs were previously raised, in order to reduce industrial costs and ensure domestic supply.

According to the Brazilian Ministry of Industry, Trade and Services, this tariff reduction measure covers products such as smartphones, computer equipment, and electronic components. At the beginning of February this year, the Brazilian government raised the import tariffs on more than 1,200 electronic products, which had a significant impact on the mobile phone industry, household appliances, and medical equipment. In late February, the tariff policy was adjusted, and zero tariffs were implemented for 105 of them.

According to the resolution on the same day, a total of 970 products will be subject to zero tariffs. Among them, 779 items are the regular renewal of previous preferential measures, and the rest are newly added adjustment items. The relevant tariff exemptions are mainly based on enterprise applications and are approved after confirming that there is no similar domestic production or insufficient market supply. The final evaluation period is up to four months. Currently, the new application window is open until March 30, and the scope of beneficiary products may still be further expanded.

In addition, products included in the zero - tariff policy also include drugs for treating diabetes, Alzheimer's disease, Parkinson's disease, and schizophrenia, as well as agricultural fungicides and insecticides, raw materials for the textile industry, hospital nutrition products, and hops for beer brewing. The government said that this move aims to reduce production costs, ease inflationary pressures, and avoid supply bottlenecks in industries that rely on imported inputs. (China News Network)