Brazil Trade Agreements With Other Countries
The EU is negotiating a free trade agreement with Brazil as part of the EU negotiations on the association agreement with Mercosur countries (including Argentina, Uruguay and Paraguay). Unless otherwise stated, you keep in mind the „EU concerns“ for all the years indicated, the Current European Union with 27 Member States. The main categories of imports (double-digit SH) in 2019 were: petroleum fuels ($5.2 billion), iron and steel ($3.4 billion), aircraft ($2.7 billion), other special aircraft ($2.5 billion) and machinery ($2.4 billion). The EU encourages Brazil to remove tariff and non-tariff barriers and promote a stable and more open regulatory environment for European investors and traders. The United States recorded a service surplus of $18 billion with Brazil in 2019, down 11.6% from 2018. The United States engages with Brazil on trade and investment issues through a series of initiatives. At the same time, Brazil is negotiating with India and South Africa, with which it is the largest economic bloc of the southern countries within the IBSA, creating tensions within Mercosur. The project will then focus on a study on fair and fair trade in Brazil and will hold a second forum in December 2018. Brazil is Latin America`s largest economy and its trade with the EU accounts for 30.8% of the EU`s total trade with Latin America in 2016.
In 2011, the United States and Brazil signed the Trade and Economic Cooperation Agreement to improve trade and investment cooperation between the two largest economies in the Western Hemisphere. The agreement expands our direct trade and investment relations by providing a framework for deepening cooperation on a number of issues of mutual interest, including innovation, trade facilitation and technical barriers to trade. While Brazil was one of the main Latin American architects of the defeat of the free trade agreement, its economic policy has, in many cases, been in favour of signing free trade agreements. Given its dominant position in Mercosur and on the continent in general, it has focused its efforts on securing such agreements in the institutional for a of which it is a member. The U.S. trade surplus with Brazil was $12.0 billion in 2019, an increase of 46.6% ($3.8 billion) over 2018. In March 2011, Brazil signed a Trade and Economic Cooperation Agreement (ATEC) that many analysts see as a first step towards a free trade agreement. Since 2010, Brazil has also insisted on a free trade agreement with Mexico.
Mercosur, in particular, is actively involved in the search for negotiations with India, Central America, the Southern African Customs Union and Algeria.