Brazil trade chamber OKs import tax cuts on more food products

Brazil’s trade chamber, known as Camex, has agreed to eliminate import taxes on certain products to curb food inflation, it said in a statement on March 13.

The decision was unanimous, Brazilian Vice President Geraldo Alckmin, who also serves as trade, industry and development minister, told reporters in Brasilia.

“These are emergency measures to reduce taxes, to reduce food costs and to help, at this exceptional time, to reduce inflation, especially food inflation,” Alckmin said, after the government rolled out similar cuts last week.

The measures are to take effect on March 14 and will continue for as long as necessary to reduce food prices, he said.

Alckmin said the estimated cost of the exemptions, if they last for one year, is 650 million reais ($112.07 million), though he expects their duration to be shorter.

The import tax exemptions apply to foodstuffs such as boneless beef products, roasted coffee, coffee beans, corn, olive oil, sugar, cookies, pasta and sardines.

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