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Brazil is negotiating a free trade agreement with the EU within the framework of the Mercosur Group. The United States has an estimated services trade surplus of $US 18 billion with Brazil in 2019, down 11.6 percent from 2018. The EU encourages Brazil to reduce tariff and non-tariff barriers and promote a stable and more open regulatory environment for European investors and traders. The EU is negotiating a free trade agreement with Brazil as part of the EU`s Association Agreement negotiations with the Mercosur countries (including Argentina, Uruguay and Paraguay). In many cases, these trade agreements are pursued as part of the government`s policy of expanding markets for biofuels (ethanol). Brazil is the largest economy in Latin America and its trade with the EU accounted for 30.8% of the EU`s total trade with the Latin American region in 2016. While Brazil was one of the main Latin American architects of the defeat of the SAA, its economic policy has often been positive for the signing of free trade agreements. Given its dominant position in Mercosur and on the continent in general, it has focused its efforts on the establishment of such agreements within the institutional bodies of which it is a member. The EU-Mercosur Association Agreement will cover, inter alia, the following elements: a future EU-Mercosur Association Agreement aims to promote trade integration between Mercosur countries and create new opportunities for trade and investment with the EU, eliminating tariff and non-tariff barriers and foreign direct investment.
At the same time, Brazil is conducting negotiations with India and South Africa, with which it constitutes the most important economic bloc of the countries of the South within the IBSA, which creates tensions within Mercosur. Unless otherwise stated, the “EU” refers, for all years indicated, to the current European Union of 27 Member States. The main categories of imports (2-digit HS) in 2019 were: mineral fuels ($5.2 billion), iron and steel ($3.4 billion), aircraft ($2.7 billion), other (yields) ($2.5 billion) and machinery ($2.4 billion). The project will then focus on a study on fair and equitable trade in Brazil and will hold a second forum in December 2018. Brazil is one of the countries that, according to the European Commission`s latest report, has resorted to a high number of potentially restrictive measures. 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 that a free trade agreement be concluded with Mexico. The United States engages with Brazil on trade and investment issues through a series of initiatives. In 2011, the United States and Brazil signed the Trade and Economic Cooperation Agreement to enhance trade and investment cooperation between the two major economies of 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. The Brazilian market is highly protected, with an average duty of 13.5%. Mercosur, in particular, is actively engaged in the search for negotiations with India, Central America, the South African Customs Union and Algeria.
The U.S. trade surplus with Brazil amounted to $US 12.0 billion in 2019, up 46.6 percent ($US 3.8 billion) from 2018. The first EU-Brazil Consultation Forum on Fair and Ethical Trade was held in Rio Janeiro on 21 June 2018 as part of a project designed by DG TRADE and funded by the Partnership Instrument. . . .