Brazil’s President Jair Bolsonaro has submitted to the National Congress annexes to the Brazil–US Agreement on Trade and Economic Cooperation, or ATEC in the Portuguese acronym. Drafted jointly by the Foreign and Economy Ministries, the annexes concern commercial and transparency rules.
The protocol is reported to include, as annexes, understandings on the facilitation of trade and customs administration, good regulatory practices, and anti-corruption efforts. They will be incorporated into the agreement, signed in 2011, after they are approved by members of both congressional houses.
The term, a Monday (Apr. 26) note from the Planalto presidential palace reads, aims to expand trade and strengthen economic ties between Brazil and the US by promoting an open and predictable environment and reducing non-tariff barriers on commerce. According to the Economy and Foreign Ministries, removing red tape from bilateral trade procedures and the adoption of international standards on regulatory practices and anti-corruption measures should bring about legal security and boost the commercial flow between the two nations.
The annex on commerce facilitation aims to reduce bureaucratic obstacles and ensure swiftness, predictability, and transparency in the norms and procedures for export and import, reducing foreign trade costs.
There is also an annex on good regulatory practices for rendering Brazil’s business environment more transparent, predicable, and open to competition, in line with the Economic Freedom Law.
The anti-corruption annex, in turn, restates legislative duties to which Brazil and the US have been bound, mentioning the United Nations Convention against Corruption (2003), the Inter-American Convention against Corruption (1996), and the Convention of the Organization for Economic Cooperation and Development (OECD) on Combating Bribery of Foreign Public Officials in International Business Transactions (1997).
In addition to the criminal sphere, the annex also brings the domestic work and international cooperation against corruption to the civil and administrative fields. “This is a relevant stride in the efforts to combat the financial flows of organized criminal chains—their central axis—through the recovery of assets. The text reinforces, therefore, the joint commitment to the fight against corruption,” the note adds.
Source: Agência Brasil