Brasília, February 20, 2004 (Agência Brasil - ABr) - Yesterday (19), the Foreign Trade Chamber (Camex) approved a reduction in import duties on capital goods not produced in the Mercosur area from 4% to 2%.

Over 1400 products can enter the country with reduced rates. Another 60 products, which will form a common list of products for all the countries that belong to the Mercosur, will have their duties reduced to zero.

According to the executive secretary of the Camex, Mário Mugnaini, the reduction represents a sacrifice of approximately R$ 150 million in tax revenues. "Minister Palocci agreed with the measure, affirming that it will make an important contribution to development," he commented, adding that there will be returns through the collection of other taxes, PIS and Cofins, whose rate stands at 9.26%.

Another measure announced by Mugnaini was the creation of the Export Finance and Guarantee Committee, which unites two committees that previously functioned separately, one for finance and the other for guarantees. The new organ will be presided by the Ministry of Development, and the executive secretary will represent the Ministry of Finance .

The Ministers who are members of the Camex also discussed the implementation of the international security code for ships in port. Brazil has until June 20 to submit a report to the International Maritime Organization delineating all the steps the country has taken to conform to international security standards.

Mugnaini said that R$ 3 million will be invested to reform and equip the 15 principal Brazilian ports in the next four months. The purpose of this measure is to combat terrorism, contraband, and drug trafficking. (DAS)