On Tuesday, October 12th, 2021, the Brazil-U.S. Business Council hosted a roundtable discussion featuring Min. Paulo Guedes, Minister of Economy of the Federative Republic of Brazil. The Minister discussed Brazil’s economic recovery, reform agenda, and economic outlook for 2022.

The meeting was hosted by Myron Brilliant, Executive Vice President and Head of the International Affairs Division, who inquired about Brazil’s climate agenda, investment opportunities in the country, and the future of U.S.-Brazil bilateral relations, including Brazilian Congress’ approval of the U.S.-Brazil Trade Protocol.

 

 

 

 

 

 

On August 4, the Brazil-U.S. Business Council, in partnership with the International Policy Coalition for Sustainable Growth, hosted a multi-panel virtual event entitled “Unleashing the Power of Sustainable Investment: Addressing Climate Action in Brazil.” The event featured U.S. Special Presidential Envoy for Climate John Kerry, who discussed U.S.-Brazil cooperation on climate and sustainable development. Additionally, Special Secretary of Finance from the Brazilian Ministry of Economy Bruno Funchal spoke at the event on establishing a regulatory framework to facilitate sustainable investment. The meeting convened global executives from leading U.S. and Brazilian corporations to address Brazil’s business climate for environmentally sustainable investments. The event was part of a series of high-level engagements with authorities, the private sector, and stakeholders to support climate action in Brazil.

In his remarks, Kerry acknowledged the private sector led momentum behind emergent technologies to fight climate change, and the increased awareness of economic opportunities related to climate action and sustainability efforts. Finance mobilization is a major part of the U.S.’ plan and has rallied major financial institutions to play an active role in climate transition over the next 10 years. Kerry called on the private sector to join the U.S.’ efforts at COP26 in Glasgow, and urged companies to use their influence around the world to promote a sense of urgency to policymakers.

The U.S. remains hopeful on working with Brazil on global climate ambitions but acknowledged that challenges remain. Illegal deforestation and continued fires in the Amazon region pose a significant challenge to climate mitigation. Kerry recognized the commitments made by President Bolsonaro at April’s Leaders’ Summit on Climate but went on to say that follow through and actionable measures will be critical. Kerry recently met with a group of governors from Brazil and was encouraged by their forward leaning stance on the environment. Themes discussed included technological assistance, financing, and measurable enforcement mechanisms.

Bruno Funchal, Special Secretary of Finance at the Ministry of Economy addressed U.S. Chamber members and laid out Brazil’s vision for sustainable financing. In 2021, the government is establishing a framework for green treasury and private bonds. Targeted sectors include energy, sanitation, and transportation. Over the last year the government has also built a framework for agricultural issuances, which include areas in greenhouse gas emissions reductions and bio conservation. By the end of this year, the government aims to present a new regime for environmental, social, and governance (ESG) investing. Working with the World Bank, it will map out mid-long-term sustainability goals for investors.

To view the event in its entirety, please click on the image below.

The U.S. Chamber of Commerce’s Brazil-U.S. Business Council hosted its two-day U.S.-Brazil Connect Summit as news began to break that the two countries have reached an agreement on a bilateral trade package.

The U.S. and Brazil have been working towards a package since March when President Donald Trump and President Jair Bolsonaro directed their respective trade delegations to deepen the bilateral relationship.

President Bolsonaro opened the summit, emphasizing that the U.S. and Brazil relationship has never been stronger.

The Chamber’s Brazil-U.S. Business Council has been promoting the bilateral economic relationship for more than 40 years, representing the voice of business and expressing its priorities. The Council engaged the two governments throughout the negotiations and provided specific recommendations on all three agreed upon chapters as well as the originally planned digital trade chapter.

Brilliant welcomed the progress made in the areas of trade facilitation, good regulatory practices, and anti-corruption, while acknowledging the work that remains on key elements such as digital trade and delivery services.

“The Chamber applauds the progress of the U.S. and Brazilian governments for delivering a trade package that will help foster stronger commercial ties between the two governments. By implementing trade facilitation reforms, embracing good regulatory practices, and taking steps to combat corruption, this agreement will support commerce, growth, and job creation in both countries,” said Brilliant. “There is still much more to do on key priorities—the fact that digital trade and express shipment provisions did not make the cut is a missed opportunity. We ask both governments to return to the negotiating table as soon as possible to leverage the positive momentum of today’s announcement.”

For more on the U.S. Chamber’s policy priorities for completing a comprehensive trade deal, read the one-pager “Building a Strategic Alliance for the 21st Century.”