US, Brazil update agreement on trade, economic cooperation

20 Oct '20

2 min read

Pic: Shutterstock

The United States and Brazil yesterday signed a new protocol relating to trade rules and transparency that updated the 2011 Agreement on Trade and Economic Cooperation (ATEC) with three new annexes consisting of state-of-the-art provisions on customs administration and trade facilitation, good regulatory practices and fighting corruption.

“From their first meetings, President Trump and President Bolsonaro have shared a vision for a prosperity partnership 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 the two countries on efficient customs procedures, transparent regulatory development, and robust anti-corruption policies that will create a strong foundation for closer economic ties between our two countries,” said US trade representative Robert Lighthizer.

The ATEC allows engagement on a wide range of issues related to trade and investment. Both sides will also continue to explore ways to increase trade in goods and services and encourage further investment, an official US statement said.

US goods and services trade with Brazil totaled an estimated $105.1 billion in 2019. Exports were $67.4 billion; imports were $37.6 billion. The US goods and services trade surplus with Brazil was $29.8 billion in 2019.

Brazil is currently the 14th largest goods trading partner of the United States with $73.7 billion in total (two way) goods trade during 2019. Goods exports totaled $42.9 billion; goods imports totaled $30.8 billion. The US goods trade surplus with Brazil was $12.0 billion in 2019.

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