Us Trade Agreements With Brazil

Washington, D.C. – Today, the United States and Brazil signed a new protocol on trade rules and transparency. This protocol updates the 2011 Trade and Economic Cooperation Agreement (ATEC) with three new annexes, which contain the most modern provisions for customs management and trade facilitation, good regulatory practices and anti-corruption. U.S. trade in goods and services with Brazil totaled $105.1 billion in 2019. Exports totaled $67.4 billion; Imports totaled $37.6 billion. The U.S. trade surplus with Brazil was $29.8 billion in 2019. The U.S. trade surplus with Brazil was $12.0 billion in 2019, an increase of 46.6% ($3.8 billion) over 2018.

”From their first meeting, President Trump and President Bolsonaro shared a vision of a partnership for prosperity between the United States and Brazil and a desire for new trade initiatives. Today`s protocol uses the existing ATEC to establish common standards for both countries for effective customs procedures, transparent regulatory development and a robust anti-corruption policy that will provide a solid basis for closer economic relations between our two countries,” said Ambassador Robert Lighthizer. In 2011, the United States and Brazil signed the Trade and Economic Cooperation Agreement to improve trade and investment cooperation between the two largest economies in the Western Hemisphere. The agreement expands our direct trade and investment relations by providing a framework for deepening cooperation on a number of issues of mutual interest, including innovation, trade facilitation and technical barriers to trade. The United States engages with Brazil on trade and investment issues through a series of initiatives. Brazilian President Jair Bolsonaro said Monday at an event organized by the U.S. Chamber of Commerce that the agreement will ”open a new chapter” in relations between the two countries. He said Brazilian and U.S. officials concluded the negotiations ”in record time” on a package that would ”reduce bureaucracy and increase our bilateral trade.” The pact, presented on October 19 at the U.S.-Brazil Connect Summit hosted by the U.S. Chamber of Commerce, aims to boost trade between the two nations. The announcement follows a series of other smaller trade agreements by the Trump administration, including with Japan and China.

In February, Trump traveled to India to reach a similar deal, but he failed and the two have yet to reach a trade deal. The pact, the latest in a series of ”mini” trade deals falsified by the Trump administration, follows seven months of negotiations between the United States and Brazil and is coming in as President Trump looks forward to winning trade profits before the November 3 election. But it is not known to what extent the new agreement will stimulate trade between countries, as it is limited. On October 19, 2020, Brazil and the United States announced the signing of a protocol on trade rules and transparency (protocol). The protocol updates the 2011 Agreement on Trade and Economic Cooperation (ATEC) between the two countries with new annexes in three areas: trade facilitation and customs administration, good regulatory practices and the fight against corruption. The agreement is the culmination of a long process. In 2016, former Brazilian President Michel Temer expressed interest in additional investments from the United States. Public relations have intensified dialogue between the two countries, and discussions have gained momentum until the 2016 elections of Donald Trump and Jair Bolsonaro in 2018. After a presidential meeting in Mar-a-Lago in March 2020, the economy was hoping to negotiate an ambitious trade agreement between the two largest economies in the hemisphere.

april 14, 2021 · Bertil · No Comments
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