Today`s protocol uses the existing ATEC to establish common standards for both countries in terms of efficient customs procedures, transparent regulatory development and robust anti-corruption policy, which will provide a solid foundation for closer economic relations between our two countries,” said Ambassador Robert Lighthizer. The protocol, also announced by Brazilian President Jair Bolsonaro, contains new annexes with provisions relating to customs administration and trade facilitation, regulatory practices and anti-corruption, the USTR said in a statement. The full text of the U.S.-Brazil ATEC Protocol on Trade Rules and Transparency is available here. The USTR said the United States and Brazil “will continue to look for ways to increase trade in goods and services and encourage new investment.” Mr Trump is looking for trade gains to convince voters that he can foster economic growth – amid the virus, US GDP will fall by 4.3% this year, according to the International Monetary Fund (IMF). Beyond the economic impact, under the Trump administration, Covid-19 has proven devastating for the United States and has claimed the lives of more than 225,000 people to date. The new protocol also creates the conditions for a future discussion on deepening and broadening the work within the framework of ATEC. The two countries will also try to identify priority sectors to further reduce barriers to trade from a broader perspective on bilateral economic and trade relations. The United States and Brazil have agreed on a limited trade deal that will facilitate trade between countries, strengthen regulatory practices and fight corruption, officials from both countries said Monday. The announcement follows a series of other small trade deals announced by the Trump administration, including with Japan, China and the European Union. Unlike a comprehensive free trade agreement, these smaller agreements do not require congressional approval, which can stop or sink an agreement for many months. The Trump administration has also sought a limited trade deal with India, but has yet to reach an agreement. After presenting the new protocol, the chairman of the House Ways and Means Committee Trade Subcommittee, Earl Blumenauer, D-Ore., made a statement highlighting concerns about the Brazilian government: “President Jair Bolsonaro`s deplorable record on human rights, the environment and corruption is why democrats on the Ways and Means Committee have long opposed a trade deal or economic partnership.
largi with Brazil. .” The U.S. trade surplus with Brazil stood at $12.0 billion in 2019, up 46.6 percent ($3.8 billion) from 2018. . . .