Trade Agreement Us Brazil

U.S. trade in goods and services with Brazil was estimated at $105.1 billion in 2019. Exports totaled $67.4 billion; Imports amounted to $37.6 billion. The U.S. trade surplus in trade in goods and services with Brazil was $29.8 billion in 2019. “Since their first meetings, President Trump and President Bolsonaro have shared a vision of a partnership for prosperity between the United States and Brazil and the desire for new business initiatives. Today`s protocol uses the existing ATEC to establish common standards for both countries in terms of efficient customs procedures, transparent regulatory development and robust anti-corruption policy, which will provide a solid foundation for closer economic relations between our two countries,” said Ambassador Robert Lighthizer. The pact, the latest in a series of “mini” trade deals struck by the Trump administration, follows seven months of negotiations between the United States and Brazil and comes to a goal that President Trump is striving to make trade gains before the Nov. 3 election. However, it is unclear to what extent the new agreement will boost trade between countries, given its limited scope. In 2018, Brazil was the United States` 13th largest trading partner in terms of goods. This year, U.S. trade in goods and services with Brazil was $105 billion, with U.S.

exports, including fuel and aircraft, totalling $67.8 billion, and imports from Brazil, such as fuel and iron and steel, totalling $37.2 billion. The protocol, also announced by Brazilian President Jair Bolsonaro, contains new annexes with provisions relating to customs administration and trade facilitation, regulatory practices and anti-corruption, the USTR said in a statement. The full text of the U.S.-Brazil ATEC Protocol on Trade Rules and Transparency is available here. After presenting the new protocol, the chairman of the House Ways and Means Committee Trade Subcommittee, Earl Blumenauer, D-Ore., made a statement highlighting concerns about the Brazilian government: “President Jair Bolsonaro`s deplorable record on human rights, the environment and corruption is why Democrats on the Ways and Means Committee have long opposed a trade deal or economic partnership. expanded with Brazil. .” The new protocol also creates the conditions for a future discussion on deepening and broadening the work within the framework of ATEC. The two countries will also try to identify priority sectors to further reduce barriers to trade from a broader perspective on bilateral economic and trade relations. Although bilateral discussions for a comprehensive trade agreement seem highly unlikely in the short to medium term due to strong opposition from Congress, the protocol could have a positive effect on bilateral trade flows over time, if applied faithfully.

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