By Bernama.comArgentina has stopped the import of high-class luxury cars and redoubled efforts to convince companies with no assembly plants in Mercosur trade group countries to reduce imports and reach export agreements with the Argentine auto parts industry.
The measure which still has to be published in the official gazette is part of the Argentine government's strategy to balance the country's automobile trade which last year registered a 40% soar in imports over 2009, reports local financial media.
Apparently the decision was coordinated between Customs and AFIP, the taxing and revenue office, which so far have remained silent.
However Ministry of Industry officials revealed that the ban reinforces the Argentine government's request from last Dec which has gone unanswered.
"So far they have not presented the plans we requested and that is why now they are banned from entering high cylinder premium vehicles" said officials who added that to reach a trade balance in the short term "the 20% cut in imports informed to companies in Dec could be elevated further".
The brands that could be affected include.. Read full article
