US and Brazil hold talks over trade priorities

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The US and Brazil have held a meeting to discuss a number of international trade issues of mutual interest.

Representatives from the US and Brazil have met to discuss a broad range of bilateral and multilateral trade issues of mutual interest.

The first ever ministerial-level meeting of the US-Brazil Commission on Economic and Trade Relation gave the two nations an opportunity to speak about their respective trade agendas, as well as future work with the World Trade Organization (WTO) and issues caused by global excess steel capacity.

Also on the agenda was Brazilian president Dilma Rousseff's recent signature and delivery of Brazil's letter of acceptance of the trade facilitation agreement to WTO director general Roberto Azevedo, and the progress made in the areas of regulatory coherence and trade facilitation under the United States-Brazil Commercial Dialogue.

This meeting followed months of discussions over a number of bilateral issues, including market access, GSP, tax and labour issues, as well as enhanced collaboration on WTO issues and agricultural trade.

The manufacturing sector has also been an important topic of discussion due to its status as a key driver of economic growth for both countries, leading to the establishment of an ongoing dialogue on policies that promote joint investment in manufacturing.

US trade representative Michael Froman said: "The US and Brazil have a large and dynamic trade and investment relationship, and we have the potential to do even more together to stimulate economic growth and create more jobs in both our countries."

The next meeting of the Commission will be held in Brazil in 2017, further underlining the two nations' commitment to cooperative working.

At present, Brazil is the 12th largest goods trading partner to the US, with two-way goods trade reaching $59 billion (£41.73 billion) in 2015. Brazilian outward foreign direct investment in the US came to approximately $616 million in 2014, while the corresponding reverse figure was $70.5 billion during the same period.