Investing.com -- The Brazilian government is set to change its tariff structure to differentiate between locally produced goods and those that are imported, according to Vice President Geraldo Alckmin. The announcement was made on Tuesday.

The new tariff policy is aimed at promoting growth in the country’s industrial sector. As part of the changes, import taxes on goods that are not manufactured in Brazil will be eliminated. This move is expected to encourage imports and stimulate industrial expansion.

Alckmin shared these plans with reporters in Sao Paulo, stating, "We would zero out the import tax on what we don’t manufacture in Brazil, so that we can import and the industry can grow."

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