Us And Brazil Trade Agreements

WASHINGTON – The United States and Brazil have agreed on a limited trade agreement that will facilitate trade between countries, strengthen regulatory practices and fight corruption, as officials from both countries announced Monday. 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. 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. The government has not yet released details of the agreement with Brazil, but it appears even smaller than the agreements signed with China and Japan. It focuses on facilitating trade or harmonizing the methods used by the two governments to process goods crossing their borders, with the aim of facilitating trade between countries for businesses. It will also reduce regulatory barriers and strengthen rules to root out corruption. The announcement follows a series of other small trade deals announced by the Trump administration, including with Japan, China and the European Union. Unlike a comprehensive free trade agreement, these small agreements do not require congressional approval, which can put a deal on hold or collapse for many months. The Trump administration has also sought a limited trade deal with India, but has yet to reach an agreement. Following the presentation of the new protocol by the USTR, The Chairman of the Trade Subcommittee of the House Ways and Means Committee, Earl Blumenauer, D-Ore. issued a statement in which he highlighted concerns about the Brazilian government: „President Jair Bolsonaro`s abysmal record on human rights, the environment and corruption is the reason why the Ways and Means Committee Democrats have long opposed a trade agreement or an extensive economic partnership with Brazil.“ 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.“ The United States recorded a service surplus of $18 billion with Brazil in 2019, down 11.6% from 2018. It should be noted that the government`s mini-trade agreements, including the most recent ones with Japan and Brazil, have raised serious concerns from Democratic leaders in Congress about the executive`s circumvention of the role of Congress in trade negotiations.