Mexico-Brazil begin free trade talks on February 28

The governments of Mexico and Brazil will begin formal negotiations on Feb. 28 to reach a free-trade agreement, newspaper Reforma reported.

With the accord Brazil would cut tariffs from 12.5 percent to zero, while Mexico would reduce duties from 5 percent to zero, the Mexico City-based newspaper said, citing Brazil’s ambassador in Mexico, Sergio Florencio.

Mexican President Felipe Calderon aims to strengthen economic relations with Latin America, Europe and Asia to reduce its dependence on the U.S., the destination for 80 percent of the nation’s exports.