On September 14th, 2020, the United States and Brazil signed an agreement on trade and economic cooperation. The agreement aims to reduce trade barriers between the two countries and strengthen economic ties.
The agreement was signed by U.S. Trade Representative Robert Lighthizer and Brazilian Economy Minister Paulo Guedes in a virtual ceremony. Both officials emphasized the importance of the agreement for their countries` economies, particularly as they continue to recover from the COVID-19 pandemic.
Under the agreement, the United States and Brazil will work toward reducing or eliminating tariffs on various goods and services. This includes agricultural products, industrial goods, and digital services. The agreement also includes provisions for protecting intellectual property rights and promoting transparency in regulatory processes.
The agreement is expected to have a significant impact on U.S.-Brazil trade relations. In 2019, the United States exported nearly $67 billion worth of goods and services to Brazil, making it the country`s ninth-largest export market. Brazil, in turn, exported nearly $28 billion worth of goods and services to the United States.
The agreement also comes at a time of increasing uncertainty in global trade relations. The COVID-19 pandemic has disrupted supply chains and caused sharp declines in international trade. The United States has also been involved in several high-profile trade disputes with countries such as China and the European Union.
By signing the agreement with Brazil, the United States is taking a step toward strengthening ties with a key trading partner in the Western Hemisphere. The agreement also aligns with the Trump administration`s emphasis on bilateral trade agreements over multilateral ones.
Overall, the agreement on trade and economic cooperation between the United States and Brazil represents an important step forward for both countries` economies. As they continue to navigate the challenges of the COVID-19 pandemic and global trade relations, this agreement could provide a much-needed boost to trade and investment.