PARIS — Representatives of European luxury goods firms have been in Brazil for meetings with local policy makers Thursday and today to call for a reduction in tariffs and duties that are limiting their access to Latin America’s biggest economy.
The luxury brands, which accompanied European Commission vice president Antonio Tajani on a two-day business delegation visit to Brazil, were represented by Armando Branchini, president of the association of Europe’s main luxury goods groups, known as the European Cultural and Creative Industries Alliance; Carlos Falco, president of Spain’s Circulo Fortuny; and Marc Sjostedt, general manager of Louis Vuitton in Brazil.
The Brazilian luxury market grew at a compounded annual rate of 45 percent from 2003 to 2011 and is expected to expand by a further 35 percent in the next few years, ECCIA said.
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“Matters such as import duties, nontariff barriers, IPR protection, and layered taxation were discussed with Brazilian policy makers,” it said, noting that two-thirds of luxury brands’ revenue from Brazilian residents was generated outside Brazil.
The brands argue that giving consumers greater access to luxury goods within Brazil would boost investment, create jobs and bolster revenues for the local economy.