[CTC] Bolsonaro confirms mini trade deal with U.S.

[Arthur Stamoulis]

Politico Pro

Bolsonaro confirms mini trade deal with U.S.

By Doug Palmer

10/19/2020 09:41 AM EDT

Brazilian President Jair Bolsonaro confirmed on Monday that U.S. and Brazilian negotiators have agreed on a mini trade deal covering trade facilitation, best regulatory practices and anti-corruption measures — and will continue talks on a more comprehensive trade agreement. 

"This triple package will be able to slash red tape and bring about even more growth to our bilateral trade with beneficial effects to the flow of investments as well," Bolsonaro said in a video speech at the 2020 U.S.-Brazil Connect Summit.

He also lauded a new agreement on research, development, testing and evaluation in the defense sector, which he said "has enabled us to open up new opportunities for cooperation between the armed forces and the industries of both countries."

Bolsonaro said the pact was the first of its kind that the United States had signed with any country in South America. And he urged U.S. companies to learn more about the incentives that Brazil is offering to attract more foreign investment from the U.S. and other countries.

Brazil also is counting on U.S. support for its bid to join the Organization for Economic Cooperation and Development, which "will yield positive effects for the attraction of foreign and domestic investment" and be a sign of Brazil's willingness to take on new international commitments, he said.

Bolsonaro also talked about recent steps Brazil has taken to open up its natural gas market, adding his country wants to work with the United States to develop biofuels.

What's next: Looking to future discussions with the United States, Bolsonaro laid out a vision for "a bold tax agreement, a comprehensive trade agreement and an ambitious partnership between our countries to redesign global production chains."

Such moves, however, could run into opposition from House Ways and Means Democrats who have warned the Trump administration against deepening ties with Brazil under Bolsonaro's leadership.


Arthur Stamoulis
Citizens Trade Campaign
(202) 494-8826




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