Updated trade protocol between U.S. and Brazil enters into force

RIO DE JANEIRO, BRAZIL – According to the U.S. government, the protocol updating the 2011 Trade and Economic Cooperation (ATEC) agreement between Brazil and the United States, which includes commitments on regulatory practices and anti-corruption, entered into force Wednesday.

The text was signed in October 2020 and is modeled after the U.S.-Canada-Mexico (T-MEC) agreement.

“The protocol is an opportunity for Brazil to demonstrate its willingness and ability to meet high standards of governance and transparency,” U.S. Deputy Trade Representative Jayme White said in a statement.

The new text includes online publication of customs information (including import, export, transit, and tax procedures) and greater transparency of Brazil’s regulatory processes (online publication of regulations, a website with regulatory plans…).

The protocol emphasizes the fight against corruption. Among other things, Brazil commits to prevent and combat bribery and corruption, not to provide safe havens to corrupt foreign officials, sanction acts of corruption and protect those who report them, and take measures to hold unscrupulous individuals accountable.

“This is a long-term investment in bilateral relations that paves the way for further direct engagement in areas of mutual interest,” White added.

With information from AFP

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