BRAZIL AND USA CONCLUDE NEGOTIATIONS ON 3 FRONTS TO ENCOURAGE BILATERAL TRADE

On Monday, October 19, President Jair Bolsonaro announced that representatives of Brazil and the United States concluded the negotiations of three agreements requested by businessmen from both countries: trade facilitation, good regulatory practices, and anti-corruption. “This triple package will be able to reduce bureaucracy and bring even more growth to our bilateral trade, with beneficial effects also for the flow of investments,” he said. For the president, “there is enormous potential” for cooperation between the two countries and several areas of common interest. “For the future, we envision a bold tax agreement, a comprehensive trade agreement, and a bold partnership between our countries to redesign global production chains,” he said. According to CNI (the national confederation of industry), the agreements address current issues and enable cost savings and increased competitiveness in the relationship between the two countries. Brazil and the United States are important and long-standing partners in the areas of trade and investment. The exchange of goods and services was over US$ 100 billion in 2019. In turn, direct investments by American companies in Brazil exceed US$ 70 billion, and investments by Brazilian companies in the United States exceed US$ 39 billion. Despite the numbers, there are enormous opportunities to expand these flows even more. For CNI, trade facilitation measures that will reduce bureaucracy, transaction costs, and unnecessary delays related to the commercial flow of goods will provide increased competitiveness and increase efficiency for the commercial operations carried out between the two countries.

Sources: Agência Brasil and Comex do Brasil / Datamar News