Mexico stated in a decree issued in the Official Gazette that it will temporarily exempt imports of auto parts used in vehicle assembly from customs duties. This policy applies to automobile terminal companies approved to carry out bonded warehousing business and engage in vehicle assembly and manufacturing. The measures take effect on the day after publication of the communiqué and are valid for five years. The Mexican government said that the purpose of this tax exemption is to attract new vehicle production and assembly lines, including semi-parts assembly and full parts assembly projects. The initiative is aimed at reducing the cost of new vehicle construction projects and strengthening the local supply chain.

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