The U.S. and Brazilian governments signed a memorandum Thursday that formalizes their commitment to improving economic and commercial relations.
The U.S. and Brazilian governments signed a memorandum Thursday that formalizes their commitment to improving their economic and commercial relations.
The new Trade Facilitation Memorandum of Intent (MOI) “seeks to leverage the private sector’s desire to work on trade facilitation, thereby advancing public-private partnerships that increase technical border management expertise, support bilateral trade and reduce costs for businesses,” said Ken Hyatt, the Commerce Department’s deputy undersecretary for international trade, in a statement.
The MOI’s signing closed the 12th U.S.-Brazil Commercial Dialogue in Washington.
At the meeting, U.S. and Brazilian government officials agreed to focus on five core themes moving forward:
- Standards and regulatory engagement.
- Trade facilitation and statistics.
- Intellectual property cooperation.
- Industry and investment standards.
- Services and supply chains.
According to the Commerce Department, U.S. exports to Brazil totaled $42 billion in 2014. Merchandise exports to Brazil include petroleum and coal products; aerospace products and parts; basic chemicals; pesticides, fertilizers and other agricultural chemicals; resin, synthetic rubber, and artificial and synthetic fibers.