President Jair Bolsonaro said today (19) that representatives from Brazil and the United States concluded, a few days ago, negotiations on three agreements demanded by businesspeople from both countries, on 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.
Bolsonaro participated in the opening of the US-Brazil Connect Summit business conference this Monday, virtually, and invited investors to examine the business portfolio of the Federal Government's Investment Partnership Program (PPI), concessions and privatizations. He highlighted the new business opportunities in the country, with the opening of the Brazilian natural gas market and the strengthening of the biofuels area, “essential in this process of reforming our energy matrix”.
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For the president, “there is enormous potential” in the cooperation agenda 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 stated.
During his speech, the president also spoke about the signing of an agreement in the area of Defense, with the opening of new opportunities for cooperation between the Armed Forces and industries of both countries. “This is the first agreement of this type that the USA has signed with a South American country, which also demonstrates the willingness of the American side to deepen the bilateral relationship”, he highlighted.
In the same sense, Bolsonaro said that Brazil's entry into the Organization for Economic Cooperation and Development (OECD) is “a firm purpose of the Brazilian State, for which we have been very committed, both at a technical and political level”, with the support from the US government. “Brazil’s entry into the OECD will generate positive effects in attracting national and international investments and will be further evidence of our willingness to assume commitments and responsibilities compatible with the importance of our country in the international system.”
According to Bolsonaro, his rapprochement with the President of the United States, Donald Trump, inaugurated “a new stage in the relationship between the two largest economies and democracies in the hemisphere”.
“The priority that Brazil gives to this relationship is clear and sincere. Since the beginning of my government, I have visited the USA on four occasions, and on each occasion I was with President Trump”, he stated.
Private sector
For the National Confederation of Industry (CNI), the agreements are a cornerstone for future free trade between the two countries and to avoid double taxation. In the entity's assessment, although they do not deal with market access, the agreements address cutting-edge topics and enable cost savings and increased competitiveness in the relationship between the two countries.
“The reduction of bureaucracy, transaction costs and unnecessary delays related to the commercial flow of goods, through trade facilitation measures, will provide greater competitiveness and efficiency to commercial operations carried out between the two countries”, he informed in a note. “On the other hand, the establishment of recognized good regulatory practices will contribute to promoting greater transparency, coherence and legal security for economic activity, with the consequent reduction of costs and stimulation of growth and job creation.”
In 2019, the exchange of goods and services between Brazil and the United States was more than US$ 100 billion in 2019.
Source: DATA
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