BRASILIA -(Dow Jones)- Brazil's government will alter application of import tariffs on textiles to a per item system from a price-based system, Finance Minister Guido Mantega said Tuesday.
Speaking in Sao Paulo during receipt of an award from the Brazilian textile industry association, the minister said the new system would be put into effect within three months and would help protect local manufacturers from price dumping by competitors from abroad.
Brazil, he said, would soon notify the World Trade Organization of its intent to alter the tariff system, and would petition the organization so as to leave the safeguard in effect for as long as 10 years.
Similar measures, he said, could also be applied to imports from other sectors as part of the government's effort to protect local industries from the impact of a competitive conditions in international markets and a weak dollar.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 9162-7863, gerald.jeffris@dowjones.com
(END) Dow Jones Newswires
December 27, 2011 11:36 ET (16:36 GMT)
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