Brazil’s Camex trade chamber has decided to eliminate import taxes on various food products to reduce food inflation. The measure, announced by Vice President Geraldo Alckmin, will take effect soon and is expected to last as long as necessary. The estimated cost of this initiative is 650 million reais, impacting products like beef and coffee.
Brazil’s trade chamber, known as Camex, has announced a unanimous decision to eliminate import taxes on specific food products to combat food inflation. This initiative, revealed by Vice President Geraldo Alckmin, aims to lower food costs and manage rising inflation, particularly in food supply. Alckmin emphasized the necessity for these emergency measures given the current economic circumstances.
The new import tax exemptions will take effect on Friday and will remain active for as long as necessary to effectively lower food prices. The estimated financial impact of these exemptions is around 650 million reais (approximately $112.07 million) if maintained for a full year, although Alckmin anticipates a shorter duration.
The products benefiting from these import tax cuts include various food items such as boneless beef, roasted coffee, coffee beans, corn, olive oil, sugar, cookies, pasta, and sardines. Camex operates under Alckmin’s ministry and is responsible for the formulation of trade policies and guidelines for the Brazilian government.
The Brazilian government’s decision to cut import taxes on selected food products is a strategic move aimed at alleviating food inflation. With an estimated cost of 650 million reais, this measure underscores the urgency to stabilize food prices during challenging economic times. By focusing on key food items, the government hopes to make a substantial impact on the cost of living in Brazil.
Original Source: money.usnews.com
