Apex-Brasil Shares State of the U.S.-Brazil Economic Relationship Against Backdrop of Global COVID-19 Pandemic

BRASÍLIA, Brazil, June 16, 2020 /PRNewswire/ -- Apex-Brasil, the Brazilian Trade and Investment Promotion Agency, today shared insights following a successful webinar held on June 4, 2020. The virtual session, organized in partnership with the Atlantic Council and in collaboration with Amcham Brasil, brought together several government and industry level experts from the U.S. and Brazil to discuss the current state of the countries' economic relationship. The conversation also surfaced predictions and recommendations on what the road ahead looks like for the U.S.-Brazil partnership as all industries prepare for the "new normal" in a post-COVID-19 world.

Gerson Menandro, Institutional and Governmental Relations Manager for Apex-Brasil, opened the session, addressing the ongoing role the organization plays in encouraging investment and trade between both countries. The keynote session, which featured notable speakers – including Todd Chapman, Ambassador of the United States to Brazil, and Nestor Forster, Chargé D'affaires at the Embassy of Brazil in the United States – highlighted opportunities for increased and enhanced economic engagement between the U.S. and Brazil, particularly set against the backdrop of COVID-19.

Below are key takeaways from the discussion:  

1. Concrete Initiatives for Near-term Collaboration
• The importance of facilitating an ongoing dialogue about how to reinforce existing growth sectors (e.g., agriculture), and identify new areas of opportunity (e.g., financial tech and digital trade) was shared by Chapman.
• Forster said that the rapid expansion of healthcare collaborations – for example, the sharing of critical resources (e.g., ventilators, therapeutics) – between both countries was predicted to fuel scientific discovery related to COVID-19.
• Chapman expressed confidence about establishing tax reform in Brazil in the coming months and, ultimately, stimulating overall economic growth, stating: "As I meet with the ministries, and as I meet with the heads of Congress, there is even a firmer commitment to economic reform." Reforming and simplifying Brazil's tax system is critical to attracting foreign investments because of "the complexity and risks associated with the number of taxes, rules, regimes, reports and particularities imposed by the [current] Brazilian tax system."
2. Bilateral Trade through Regulatory Support
• Creating clear processes and increasing transparency between the United States and Brazil was discussed as a potential way to streamline efficiencies surrounding trade. As Forster explained to the audience, "Getting rid of red tape and streamlining the process of commercial operations will enhance transparency for both countries. This will, in turn, have a very direct and significant impact on [U.S.-Brazil bilateral trade]."
• The speakers also talked about how the two countries have spent the past 18 months coming together on commitments in the areas of trade facilitation, good regulatory practices, digital trade, and anti-corruption. According to their expertise, these recent discussions and disciplines will modernize the legal framework, which regulates trade and investments between the two countries, as well as create economic benefits for both countries.
3. The Next Phase of the U.S.-Brazilian Relationship
• When asked about the prospect of establishing a Free Trade Agreement (FTA) between Brazil and the United States, Forster said, "[A U.S.-Brazil free trade agreement] is the ultimate goal for both countries…but leading up to that point, we should focus on doubling the amount of trade between the two countries. There's tremendous potential for us to do much more than today."
• Further to the point made by Forster, in advance of 2022, which represents the 200^th anniversary of Brazil's independence, Chapman stated that he is working to increase – and potentially even double – trade between both countries. He said: "What's the vision for [the U.S.-Brazil bilateral relationship]? A fundamentally strong North-South American alliance in the Western Hemisphere…I'm very bullish on where we are going with this relationship over the next 18 months."

The timely webinar on June 4 aligned with the release of the Portuguese-language version of the Atlantic Council report, "U.S.-Brazil Trade and FDI: Enhancing the Bilateral Economic Relationship." The English-language version of the report was released in March 2020 as part of the Atlantic Council's years-long work into deepening the U.S.-Brazil trade and FDI relationship, with the support of Apex-Brasil. To view the full webinar from June 4, please visit: https://youtu.be/FAE74wcXWh0.

To learn more about Apex-Brasil, please visit: http://www.apexbrasil.com.br/en/home.

About Apex-Brasil
The Brazilian Trade and Investment Promotion Agency (Apex-Brasil) works to promote Brazilian products and services abroad, and to attract foreign investment to strategic sectors of the Brazilian economy.  Apex-Brasil organizes several initiatives aiming to promote Brazilian exports abroad. The Agency´s efforts comprise trade and prospective missions, business rounds, support for the participation of Brazilian companies in major international trade fairs, arrangement of technical visits of foreign buyers and opinion makers to learn about the Brazilian productive structure, and other select activities designed to strengthen the country's branding abroad. Apex-Brasil also plays a leading role in attracting foreign direct investment (FDI) to Brazil, by working to identify business opportunities, promoting strategic events and lending support to foreign investors willing to allocate resources in Brazil.

Media Contacts
Lilian Leão Alves
Apex-Brasil
[email protected]
+55 (61) 9 8462 0525

YeaJin Lee
Ruder Finn – PR on behalf of Apex-Brasil in the U.S.
[email protected]  
+1 931 237 1531

SOURCE Apex-Brasil