Canada and Brazil are two countries with strong economies and a significant trade relationship. Both countries have been working towards formalizing their trade relationship over the years, and as a result, they have signed several trade agreements.
So, does Canada have a trade agreement with Brazil? The short answer is yes. Canada and Brazil have a bilateral trade agreement that was signed in 1997. The Canada-Brazil Free Trade Agreement (CBFTA) came into effect on January 1, 1995.
The CBFTA was the first free trade agreement signed by Canada with a country from South America. The agreement was aimed at promoting trade and investment between Canada and Brazil by eliminating tariffs and other trade barriers.
Under the CBFTA, Canada and Brazil have agreed to reduce tariffs on a range of goods and services, including industrial and agricultural products. This agreement has significantly boosted trade between the two countries.
More recently, in 2018, Canada signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with 10 other countries, including Australia, Japan, and New Zealand. Brazil has shown interest in joining the CPTPP, which could further enhance Canada`s trade relationship with Brazil.
The CPTPP replaces the earlier Trans-Pacific Partnership (TPP), which Canada and Brazil were both a part of. However, the TPP never came into effect as the United States withdrew from the agreement in 2017.
In addition to formal trade agreements, Canada and Brazil have also been exploring other avenues to enhance their trade relationship. For example, in 2019, the Canadian government announced the opening of a trade office in Sao Paulo, Brazil, which is aimed at promoting Canadian businesses in Brazil and strengthening bilateral trade relations.
In conclusion, Canada and Brazil have a longstanding trade relationship that has been formalized through various trade agreements. The CBFTA, signed in 1997, remains in effect and has significantly boosted bilateral trade. And while Brazil is not currently a member of the CPTPP, the agreement could potentially expand Canada`s trade relationship with Brazil in the years to come.
