Trade Agreements Between Us And Brazil

The accords have given the Trump administration a series of quick victories and quick gains for American farmers, farmers, lobstermen and other areas that Mr. Trump has tried to support. But they have also drawn criticism from the industry for the omission of many sectors of the economy, especially in those where trade negotiations are the most difficult. Business leaders called on the government to continue negotiations on broader trade agreements. Brazil is currently our 14th largest trading partner with a total of $73.7 billion (two to two) merchandise trade in 2019. Exports of goods totaled $42.9 billion; Imports of goods amounted to $30.8 billion. The U.S. trade surplus with Brazil was $12.0 billion in 2019. Today`s agreement will help all traders who are looking for simpler customs procedures, more opportunities to participate in rule-making and more confidence in market rules.

Looking to the future, the protocol is proof that Brazil and the United States are succeeding in deepening their trade relations in a way that benefits both countries. The U.S. trade surplus with Brazil was $12.0 billion in 2019, an increase of 46.6% ($3.8 billion) over 2018. 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.

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. The new protocol also creates the necessary conditions for future discussions on deepening and extending work within the framework of ATEC. The two countries will also seek to identify priority sectors in order to continue to reduce trade barriers from a broader perspective on bilateral economic and trade relations. ATEC engages in a wide range of trade and investment issues. As the United States and Brazil implement today`s protocol, they will continue to look for ways to increase trade in goods and services and promote new investment. Two weeks before the U.S. election, the U.S. and Brazil agreed on a bilateral “mini” trade agreement to facilitate trade, strengthen regulatory practices and fight corruption, but the finest details of the agreement have yet to be disclosed.