Brazil denies accusations of unfair trade practices with US
Brazil responded to the US, stating that the Brazilian Pix instant payment system aims to ensure the security of the financial system while not discriminating against foreign companies.
The statement is included in a document sent on Monday (Aug. 18) to the Office of the US Trade Representative (USTR), which has opened an investigation into Brazil for alleged unfair practices, News.Az reports citing foreign media.
Signed by Foreign Minister Mauro Vieira, the 91-page document was published on the US Trade Representative’s website. It reinforces Brazil’s position that the country maintains fair commercial practices and does not implement discriminatory or restrictive measures against the United States.
The Brazilian government also challenges the legitimacy of the US Trade Representative’s actions, stating there is no legal or factual basis for the Trump administration’s allegations.
Requested by the Trump administration in July, the investigation aims to identify possible Brazilian practices that could negatively affect US companies, particularly in sectors such as digital payment systems (Pix), ethanol, intellectual property (piracy), and deforestation.
Regarding Pix, the Brazilian defense emphasized that administration by the Brazilian Central Bank ensures neutrality in the instant payment system. The document also noted that other central banks, including the Federal Reserve (the US central bank), are testing similar tools.
“In fact, various governments are taking the initiative to provide infrastructure for instant payments, including the European Union, India, and the United States. The US Federal Reserve, in particular, recently introduced FedNow, a system with functionality similar to Pix,” the document noted.
Similar news
