From the Summary: "The United States and Brazil historically have enjoyed robust political and economic ties, but many say the countries' occasionally divergent policy approaches on trade and other matters have hindered the development of a close partnership. In March 2019, President Donald J. Trump and President Jair Bolsonaro announced plans to deepen the bilateral trade relationship, which could lead to eventual negotiations for a free trade agreement (FTA). This led to an acceleration of the bilateral dialogue under the 2011 Agreement on Trade and Economic Cooperation (ATEC) negotiated during the Obama Administration. In October 2020, the two countries announced the successful conclusion of a Protocol on Trade Rules and Transparency, which adds three annexes to the ATEC: Trade Facilitation and Customs Administration, Good Regulatory Practices, and Anti-Corruption. The Protocol does not require U.S. congressional approval, but would need approval by the Brazilian Congress. Congress has expressed interest in Brazil and U.S.-Brazilian relations with environmental conservation and trade relations at the center of its focus. While some Members of Congress see the agreement as a way to increase U.S. investment and promote U.S. values in the South America region, others oppose an expanded U.S. economic partnership under the Bolsonaro Administration because of human rights, labor, environmental, and other concerns."
CRS Report for Congress, R46619
Congressional Research Service: https://crsreports.congress.gov/