BRASILIA -(Dow Jones)- Brazil’s government will likely raise its import tariff, known as TEC,
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\non non-Mercosur-bloc textiles, footwear and furniture items, Trade Minister Luiz Fernando Furlan said Wednesday, according to the Estado news agency.<\/p>\n
Furlan said the tariff increase, which comes at the request of local industries, could be implemented within 90 days.<\/p>\n
“We are transforming a sectorial request along specific technical lines for the TEC,” he said.<\/p>\n
Furlan said Brazil has already gained backing for the move from Mercosur bloc partners and will seek formal approval for the measure at the next meeting of the bloc.<\/p>\n
Despite the increase in tariffs, Furlan said Wednesday that many local industries remain competitive even amid appreciated local currency rates.<\/p>\n
The minister said he believed that Brazil’s currency the real would hover between BRL2.10 per dollar and BRL2.20 per dollar during the coming year.<\/p>\n
The real closed at BRL2.097 per dollar in spot contract trading Wednesday on the Brazilian Mercantile and Futures Exchange.<\/p>\n
He said local export industries were adapting to the appreciated currency and would “not likely enter into collapse over the coming months.”<\/p>\n
He said, however, that Brazil needed to improve efficiency by lowering taxes, promoting investment, improving quality of logistics and reducing bureaucracy.<\/p>\n
-By Gerald Jeffris, Dow Jones Newswires; (5561) 4501-7143, geraldjeffrisdowjones.com<\/p>\n
(END) Dow Jones Newswires
\n 03-14-071700ET
\n Copyright (c) 2014 Dow Jones & Company, Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"
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