At a very special moment for both countries, their industry and commerce representatives started to open a potential huge channel of business opportunities.
The Minister of Development, Industry and Foreign Trade (MDIC), Armando Monteiro, went to Washington to discuss the expansion of regulatory convergence measures, harmonization of standards and facilitation of bilateral trade with the US Secretary of Commerce Penny Pritzker. They also discussed the reduction of non-tariff barriers, which could make it easier for Brazilian products to reach the American market.
According to a statement issued in MDIC’s website, the secretary praised the efforts and called attention to the progress made last year, during which he met the Brazilian minister in three occasions. “I am very proud of the solid relationship we consolidate between our ministries. Great strides throughout the schedule that we set to work: regulatory convergence, trade facilitation, patents and innovation, ” Pritzker said.
The minister also met with members of the Joint Commission on Economic and Commercial Relations, a bilateral dialogue mechanism between the US Trade Representative, the MDIC and the Ministry of Foreign Affairs (MRE), under the Economic and Trade Cooperation Treaty (ATEC).
It was ATEC’s first meeting to gather the two countries’ highest authorities. They were present, as well as Monteiro and Pritzker, Michael Froman — US Trade Representative — and Mauro Vieira, Foreign Minister of Brazil. At the meeting, they talked about each country’s approach in trade negotiations and investment, and sought to identify points of convergence.
Monteiro Vieira and Pritzker signed a memorandum of understanding on infrastructure, which seeks to identify opportunities for bilateral investment.
Minister Armando Monteiro also met with Brazilian and American businessmen. He said the way for restoring national growth is through investment in infrastructure, foreign trade and microeconomic reforms in the regulatory and business environment.
“An area in which adjustments were completed successfully was the external sector. We had a significant deficit reduction, which is now entirely covered by capital inflows. We have comfortable foreign exchange reserves, which rule out the possibility of a currency crisis. We will show the strength of our institutions out of the crisis “, said the minister.