“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. The U.S. trade surplus with Brazil was $12.0 billion in 2019, an increase of 46.6% ($3.8 billion) over 2018. 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 new trade agreement may not resemble the U.S.-Mexico-Canada (USMCA) agreement, but it will boost trade between the two countries, analysts say. The United States engages with Brazil on trade and investment issues through a series of initiatives. Unlike a free trade agreement (FTA), there is no need for congressional approval, which can be a long-term process that provides no certainty about its approval. By describing the agreement as a contract between the parties, the government avoids congressional participation. But there are also some barriers. The United States opposes Brazil`s interest in involving Huawei Technologies, a Chinese giant, in the creation of 5G networks. In addition, Mr.
Trump removed Brazil from the list of nations considered ready to develop, a name that grants certain trade privileges to the South American country. 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. The United States and China split this year on coronavirus, trade and Hong Kong. Shortly after a trade agreement was put in place in January, the global pandemic was declared in March, crippling economies around the world and putting pressure on national health systems. The Trump administration has often targeted China because of the virus – which is widely believed to have appeared in Wuhan late last year. Myron Brilliant, executive vice president and head of international affairs at the U.S.
Chamber of Commerce, said there is more to be done with respect to important priorities, including digital commerce and express shipping. “We call on both governments to return to the negotiating table as soon as possible.” 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. “From their first meetings, President Trump and President Bolsonaro shared a vision of a partnership of prosperity between the United States and Brazil and a desire for new trade initiatives,” U.S. Trade Representative Robert Lighthizer said in a statement. 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 pact, presented on 19 October