Yesterday, during an event at the Brazilian Industry Confederation (CNI), the Brazilian Ministry of Foreign Trade, Mr. Marcos Pereira, has announced that the Brazilian participation in the negotiations of the Trade in Services Agreement (TISA) was recently authorised by the President, Mr. Michel Temer.
The TISA is an international treaty to improve and expand commercial exchange of services. The agreement, under negotiation since 2013 for more than 23 countries, including the United States and the European Union, aims to set a new threshold on market access and universal rules regarding the trade of services.
The TISA plays a relevant role to the international community, since services sector accounts for more than 70% of the global gross product (GGP), and it aims to become the new bulwark to guide trade services from now on. Aware of the relevance of this new legal framework and listening to the demands of the private sector, the Brazilian Government, originally not participating in the negotiations, has decided to join them.
The agreement has the potential to enable Brazilian service providers to meet their full potential. Brazil’s accession to the agreement not only reinforces the priority international agreements are playing in the country’s international agenda, but also uphold the Brazilian interest in resuming an agenda that has been under the rug for some years, one that is focused in the competitiveness of the services sector and in increasing the Brazilian participation in trade through the commercialization of services.
In this regard, the Brazilian participation in the TISA is essential not only to enhance the country’s efficiency on services, but also to integrate the country is this important regulatory framework and to stimulate Brazilian exports of services as a source of revenue to the country in a moment when the Brazilian economy could use a lift.