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Categoria: FDI

  • Brazil Seeks Neutrality in Critical Minerals

    Brazil seeks to maintain a neutral position in the global dispute between the United States and China over access to critical minerals. This strategic positioning is a key factor for the Foreign Direct Investment (FDI) landscape in the country, especially in infrastructure and mining projects.

    The National Policy on Critical and Strategic Minerals

    The Brazilian stance was highlighted by Laudemir André Müller, president of ApexBrasil (the Brazilian Trade and Investment Promotion Agency). According to him, neutrality regarding the dispute between the world’s two largest economies reflects the core objective of the new National Policy on Critical and Strategic Minerals.

    In practice, formulating a national policy with this focus demonstrates the country’s effort to organize the sector and establish clear guidelines for the exploration and commercialization of essential resources. Opting for neutrality indicates a strategy to keep the Brazilian market open and attractive to multinational partnerships, avoiding trade restrictions tied to exclusive geopolitical alignments.

    Impacts on Foreign Investment

    For founders, foreign investors, and executives monitoring the Brazilian market, ApexBrasil’s statement signals an institutional environment that prioritizes the diversification of trade partners. The US-China dispute over critical minerals involves control over global supply chains. By not taking sides, Brazil seeks to attract capital from both sources to develop its mineral potential.

    Structuring cross-border investments requires continuous monitoring of government guidelines. The new national policy serves as an indicator of how the Brazilian State intends to regulate and foster the sector in the coming years.

    This content is for informational purposes only and does not constitute legal advice. For guidance on specific matters, consult a qualified lawyer.

  • The Challenge of AI Data Compliance Between the US and China

    The Challenge of AI Data Compliance Between the US and China

    Multinational technology companies face a complex landscape when developing Artificial Intelligence (AI) systems. Corporate data compliance is currently under pressure from two sets of rules operating under distinct rationales: United States directives and Chinese regulations.

    As Ge Mengying, Head of Compliance at PatSnap, points out, structuring an adequate data architecture is challenging, yet attainable. What makes AI unique is that it turns data location into a continuous chain. It is necessary to map where the training corpus originated, on which machines the model was trained, who holds login permissions to the system, and where data flows during the inference phase. If a single link fails, the entire compliance investment collapses.

    The United States Approach: Focus on Logical Access

    In the United States, regulation has shifted from supply chain oversight to access restriction. Executive Order 13873, issued in May 2019, authorized the Department of Commerce to review technology transactions involving foreign adversaries, focusing on equipment and cloud services. However, a major shift occurred with Executive Order 14117 in February 2024 and subsequent Department of Justice rules.

    The new American regulatory framework focuses on who can access data, covering both physical and logical access. In practice, even if data remains on US servers, a transaction may fall under the rule if engineers located in China have read permissions. This directly impacts AI development, which frequently relies on teams across multiple time zones to troubleshoot issues and inspect live data.

    Other US mechanisms reinforce this approach:

    • Investment Screening: Under Executive Order 14083 (September 2022), the Committee on Foreign Investment in the United States (CFIUS) intensified its scrutiny of data-related transactions, often requiring that information remain within the country without remote access by Chinese parties.
    • Data Broker Restrictions: Legislation in effect since April 2024 prohibits the sale of sensitive personal data of US citizens to countries of concern. This requires heightened vigilance from AI companies when acquiring training datasets.

    The China Approach: Cross-Border Flows and Model Regulation

    In China, regulation focuses on international data transfers and market access for AI tools. Article 38 of the Personal Information Protection Law establishes three main mechanisms for outbound data transfers: security assessments, personal information protection certification, and standard contracts.

    Although the Provisions on Promoting and Standardizing Cross-Border Data Flows of March 2024 exempted low-risk scenarios from mandatory assessments, they maintain strict oversight over important data and large-scale personal information. This development represents a regulatory recalibration rather than an unrestricted liberalization.

    For companies providing generative AI services to the public in China, additional requirements apply. The Interim Measures for the Management of Generative Artificial Intelligence Services impose specific rules regarding:

    • The legality of training data sources.
    • Content security and labeling requirements.
    • Algorithm filing and security assessments as prerequisites for operations.

    The Practical Challenge in Data Architecture

    Global AI development demands reconciling both frameworks. Designing a compliance program based solely on one approach will lead to regulatory bottlenecks. Effective compliance requires redesigning permission boundaries and development workflows, ensuring that data transfers satisfy Chinese standards while access controls strictly adhere to US regulations.

    This content is for informational purposes only and does not constitute legal advice. For guidance on specific matters, consult a qualified lawyer.

  • 独家条款相关裁决与中国对巴投资

    独家条款相关裁决与中国对巴投资

    外国直接投资（FDI）流入巴西的规模，往往受到监管环境和自由竞争保障机制的深刻影响。当前，外卖配送应用程序行业正是这一动态的典型代表，外国品牌正将其在巴西的扩张步伐与有关市场竞争行为的制度性界定紧密挂钩。

    竞争格局与独家条款

    Cade（巴西行政经济保护委员会，负责维护自由竞争的反垄断机构）与TJ-SP（圣保罗州法院）目前正在评估外卖配送合同中独家条款的合法性。核心争议涉及禁止入驻餐厅与特定竞争平台开展合作的合同条款。

    近期，Cade行政法庭驳回了一项旨在立即暂停该行业某家企业合同中此类独家条款的预防性措施申请。依据该决定，在监管机构进一步深入调查巴西外卖配送市场结构期间，现有合同依然有效。针对相关竞争行为的深入行政调查仍在进行中。

    与此同时，该议题亦是TJ-SP审理的一起民事诉讼的标的。该诉讼于8月开庭审理，目前存在初步分歧：案件报告法官投票认定相关独家条款违法，但随后因另一名二审法官提出阅卷延期审理申请（以便留出更多分析时间）而休庭，目前正等待合议庭作出最终判决。

    对中国赴巴投资的影响

    独家条款规则的不确定性，直接影响着巴西对外资（尤其是中国资本）的吸引力。行业代表表示，约有八至九家具有代表性的中国餐饮品牌正在评估进入巴西市场，但仍在等待当地商业环境进一步明朗。此前，已有部分亚洲细分领域的连锁品牌（例如冰淇淋和茶饮品牌）相继进入圣保罗并开展业务运营。

    对于国际投资者而言，市场高度集中在少数平台手中可能构成商业壁垒。相关观点认为，成熟市场通常由多个大型平台共同运营，并对独家绑定施加限制，以防止商户被锁定在单一销售渠道，从而保障消费者和物流合作伙伴的多样化选择。

    实务前瞻

    Cade与TJ-SP对上述争议的最终裁决，将成为衡量巴西法律确定性及数字竞争监管的风向标。对于正在规划进入巴西市场的外国企业而言，持续跟踪这些裁决对于商业模式设计和运营风险评估至关重要。

    本内容仅供参考，不构成法律意见。如需针对具体情况的指导，请咨询专业律师。

  • Decisões sobre Exclusividade e o Investimento Chinês

    Decisões sobre Exclusividade e o Investimento Chinês

    O fluxo de Investimento Estrangeiro Direto (IED) para o Brasil é frequentemente influenciado pelo ambiente regulatório e pelas garantias de livre concorrência. Atualmente, o setor de aplicativos de entrega (delivery) exemplifica essa dinâmica, com redes estrangeiras condicionando sua expansão no país a definições institucionais sobre práticas de mercado.

    O Cenário Concorrencial e as Cláusulas de Exclusividade

    O Conselho Administrativo de Defesa Econômica (Cade), órgão responsável por zelar pela livre concorrência no Brasil, e o Tribunal de Justiça do Estado de São Paulo (TJ-SP) avaliam atualmente a legalidade de cláusulas de exclusividade em contratos de delivery. A discussão central envolve disposições contratuais que impedem restaurantes de operar com plataformas concorrentes específicas.

    Recentemente, o Tribunal do Cade negou um pedido de medida preventiva que visava suspender imediatamente essas cláusulas em contratos de uma das empresas do setor. Com a decisão, os contratos atuais permanecem válidos enquanto o órgão aprofunda a investigação sobre a estrutura do mercado de delivery no país. O inquérito segue em andamento para uma análise detalhada das práticas concorrenciais.

    Em paralelo, o tema é objeto de uma ação cível no TJ-SP. O julgamento, iniciado em agosto, apresenta divergências iniciais: enquanto o relator do caso votou por considerar as cláusulas ilegais, a sessão foi suspensa por um pedido de vista (mais tempo para análise) de outro desembargador, aguardando uma decisão colegiada final.

    O Impacto para o Investimento Chinês no Brasil

    A indefinição sobre as regras de exclusividade tem impacto direto na atração de capital estrangeiro, especialmente da China. Representantes do setor indicam que entre oito e nove marcas relevantes de restaurantes chineses avaliam ingressar no mercado brasileiro, mas aguardam maior clareza sobre o ambiente de negócios. O movimento segue a entrada recente de redes asiáticas de nicho, como o segmento de sorvetes e chás, que iniciaram operações em São Paulo.

    Para os investidores internacionais, a concentração de mercado em poucas plataformas pode representar um obstáculo comercial. A tese é de que mercados desenvolvidos operam com múltiplas grandes plataformas e impõem restrições à exclusividade, evitando que os estabelecimentos fiquem restritos a um único canal de vendas e garantindo alternativas para consumidores e parceiros logísticos.

    Perspectivas Práticas

    A resolução dessas disputas no Cade e no TJ-SP servirá como um termômetro para a segurança jurídica e a regulação da concorrência digital no Brasil. Para empresas estrangeiras que estruturam sua entrada no país, o acompanhamento dessas decisões é fundamental para a modelagem de negócios e a avaliação de riscos operacionais.

    Este conteúdo tem caráter meramente informativo e não constitui aconselhamento jurídico. Para orientação sobre casos concretos, consulte um advogado.

  • Decisions on Exclusivity Clauses and Chinese Investment

    Decisions on Exclusivity Clauses and Chinese Investment

    The flow of Foreign Direct Investment (FDI) into Brazil is frequently influenced by the regulatory environment and guarantees of fair competition. Currently, the delivery app sector illustrates this dynamic, with foreign chains conditioning their expansion in the country on institutional definitions regarding market practices.

    The Antitrust Landscape and Exclusivity Clauses

    The Administrative Council for Economic Defense (Cade, Brazil’s antitrust authority) and the São Paulo State Court of Justice (TJ-SP) are currently assessing the legality of exclusivity clauses in food delivery contracts. The core discussion involves contractual provisions that prevent restaurants from operating with specific competing platforms.

    Recently, Cade’s Tribunal denied a request for preventive measures seeking the immediate suspension of these clauses in contracts of one industry player. Following the decision, existing contracts remain valid while the authority deepens its investigation into the Brazilian delivery market structure. The inquiry remains ongoing for a detailed analysis of competitive practices.

    In parallel, the matter is subject to a civil lawsuit before the TJ-SP. The trial, initiated in August, shows initial divergences: while the reporting judge voted to deem the clauses illegal, the session was suspended due to a request for more time to review the case (pedido de vista) by another appellate judge, pending a final collective ruling.

    Impact on Chinese Investment in Brazil

    The lack of definition regarding exclusivity rules directly affects the attraction of foreign capital, especially from China. Industry representatives indicate that between eight and nine major Chinese restaurant brands are considering entering the Brazilian market, but are awaiting greater clarity regarding the business environment. This movement follows the recent entry of niche Asian chains, such as ice cream and tea franchises, which started operations in São Paulo.

    For international investors, high market concentration in few platforms may represent a commercial hurdle. The perspective is that mature markets operate with multiple major platforms and impose restrictions on exclusivity, preventing establishments from being confined to a single sales channel and ensuring alternatives for consumers and logistics partners.

    Practical Outlook

    The outcome of these disputes at Cade and the TJ-SP will serve as a benchmark for legal certainty and digital competition regulation in Brazil. For foreign companies structuring their entry into the country, monitoring these rulings is crucial for business modeling and operational risk assessment.

    This content is for informational purposes only and does not constitute legal advice. For guidance on specific matters, consult a qualified lawyer.

  • US Pressures Brazil Over Sale of Mines to China

    US Pressures Brazil Over Sale of Mines to China

    The global foreign direct investment (FDI) landscape increasingly reflects trade tensions between major world economies. Recently, the United States Trade Representative (USTR), Jamieson Greer, requested that the Brazilian government review the sale of Anglo American’s nickel mines to a Chinese state-owned mining company.

    The request came during negotiations to suspend the 50% tariffs that US President Donald Trump imposed on Brazilian products last year. The move demonstrates how control over critical minerals has become direct leverage in bilateral tariff negotiations.

    Conditions of the US Proposal

    According to reports published by outlets such as O Estado de S. Paulo, CNN Brasil, and the South China Morning Post, Washington’s proposal establishes oversight mechanisms for Brazilian mineral assets. The suggested terms include:

    • Advance notice: The United States would receive early notifications regarding sales of mining assets before deals are finalized.
    • Transaction review: Deals involving rare earths would be submitted to review by the US government.
    • Purchase window: US companies would have the opportunity to acquire the assets before any sale is approved.

    Restrictions on Non-Market Actors

    In addition to specific terms for the sale of Anglo American assets, the US trade representative asked Brazil to limit investments from non-market actors and foreign entities of concern. This restriction would apply to critical industrial sectors, such as mining and refining.

    Brazilian officials interpreted this language as a direct reference to China. Currently, China is Brazil’s largest trading partner and a growing source of investment in the domestic mining sector.

    Outlook for Foreign Investment

    The episode illustrates an important trend for foreign investors and executives operating in Brazil: transactions involving infrastructure and natural resources are subject to geopolitical scrutiny that extends beyond local regulations. The intersection between international trade, customs tariffs, and control over critical minerals requires companies to closely monitor Brazil’s diplomatic and trade relations with both the United States and China when structuring mergers and acquisitions in these sectors.

    This content is for informational purposes only and does not constitute legal advice. For guidance on specific matters, consult a qualified lawyer.

  • 美国就对华出售矿山事宜向巴西施压

    美国就对华出售矿山事宜向巴西施压

    全球外国直接投资（FDI）格局日益反映出世界主要经济体之间的贸易紧张局势。近期，美国贸易代表（USTR）贾米森·格里尔（Jamieson Greer）要求巴西政府审查英美资源集团（Anglo American）将其镍矿资产出售给一家中国国有矿业企业的交易。

    该要求是在关于暂停美国总统唐纳德·特朗普去年对巴西产品加征的50%关税的谈判中提出的。这一动向表明，对关键矿产的控制已成为双边关税谈判中的直接筹码。

    美方提议的各项条件

    根据《圣保罗州报》（O Estado de S. Paulo）、《CNN巴西》（CNN Brasil）和《南华早报》（South China Morning Post）等媒体披露的信息，华盛顿的提议对巴西矿产资产设立了控制机制。建议的条款包括：

    • 提前通知：美国将在矿业资产交易完成前收到预先通报。
    • 交易审查：涉及稀土的交易将接受美国政府的审查。
    • 优先认购窗口：在任何出售获得批准之前，美国企业将有机会收购相关资产。

    针对非市场参与者的限制

    除了针对英美资源集团资产出售的具体规则外，美国贸易代表还要求巴西限制非市场参与者（non-market actors）和受关切外国实体的投资。该限制将适用于采矿和炼化等关键工业领域。

    巴西官员将这一措辞解读为直接指向中国。目前，中国是巴西最大的贸易伙伴，也是巴西国内矿业领域日益重要的投资来源国。

    外国投资前景展望

    该事件体现了在巴西开展业务的外国投资者和企业高管需要关注的重要趋势：涉及基础设施和自然资源的交易正面临超越当地法规的地缘政治审查。国际贸易、海关关税与关键矿产控制的交汇，要求企业在这些领域规划并购（M&A）交易时，密切关注巴西与美国及中国之间的外交和贸易关系。

    本内容仅供参考，不构成法律意见。如需针对具体情况的指导，请咨询专业律师。

  • EUA pressionam Brasil sobre venda de minas para a China

    EUA pressionam Brasil sobre venda de minas para a China

    O cenário global de investimentos diretos estrangeiros (FDI) reflete, cada vez mais, as tensões comerciais entre as principais economias do mundo. Recentemente, o Representante de Comércio dos Estados Unidos (USTR), Jamieson Greer, solicitou ao governo brasileiro a revisão da venda das minas de níquel da Anglo American para uma mineradora controlada pelo Estado chinês.

    O pedido ocorreu durante negociações para suspender as tarifas de 50% que o presidente dos EUA, Donald Trump, impôs sobre produtos brasileiros no ano passado. A movimentação demonstra como o controle de minerais críticos passou a ser uma moeda de troca direta em negociações tarifárias bilaterais.

    As Condições da Proposta Americana

    De acordo com informações divulgadas por veículos como O Estado de S. Paulo, CNN Brasil e South China Morning Post, a proposta de Washington estabelece mecanismos de controle sobre ativos minerais brasileiros. Os termos sugeridos incluem:

    • Aviso prévio: Os Estados Unidos receberiam notificações antecipadas sobre vendas de ativos de mineração antes da conclusão dos negócios.
    • Revisão de transações: Negócios envolvendo terras raras seriam submetidos à revisão por parte do governo americano.
    • Janela de compra: Empresas americanas teriam a oportunidade de adquirir os ativos antes que qualquer venda fosse aprovada.

    Restrições a Atores de Fora do Mercado

    Além das regras específicas para a venda dos ativos da Anglo American, o representante comercial dos EUA pediu que o Brasil limite os investimentos de atores de fora do mercado (non-market actors) e entidades estrangeiras de preocupação. Essa restrição se aplicaria a setores industriais críticos, como mineração e refino.

    Autoridades brasileiras interpretaram essa linguagem como uma referência direta à China. Atualmente, o país asiático é o maior parceiro comercial do Brasil e uma fonte crescente de investimentos no setor de mineração nacional.

    Perspectivas para o Investimento Estrangeiro

    O episódio ilustra uma tendência importante para investidores estrangeiros e executivos que atuam no Brasil: transações envolvendo infraestrutura e recursos naturais estão sujeitas a um escrutínio geopolítico que vai além das regulações locais. A intersecção entre comércio internacional, tarifas alfandegárias e controle de minerais críticos exige que as empresas monitorem de perto as relações diplomáticas e comerciais do Brasil com os Estados Unidos e a China ao estruturar fusões e aquisições nesses setores.

    Este conteúdo tem caráter meramente informativo e não constitui aconselhamento jurídico. Para orientação sobre casos concretos, consulte um advogado.

  • Nova Política Nacional de Minerais Críticos e Estratégicos

    Nova Política Nacional de Minerais Críticos e Estratégicos

    O governo federal sancionou recentemente a lei que institui a Política Nacional de Minerais Críticos e Estratégicos. A nova legislação estabelece diretrizes para estimular a pesquisa, a extração e a transformação desses recursos no Brasil, com a previsão de destinar até R$ 7 bilhões por meio de incentivos a projetos do setor.

    O Fundo Garantidor e o Fomento à Pesquisa

    Um dos principais instrumentos introduzidos pela lei é a criação do Fundo Garantidor da Atividade Mineral (Fgam). O fundo contará com um aporte inicial de R$ 2 bilhões da União, podendo alcançar até R$ 5 bilhões. O objetivo do Fgam é garantir empreendimentos e atividades vinculados à produção de minerais críticos, sendo restrito a projetos considerados prioritários no âmbito da nova política.

    Além do fundo, o Serviço Geológico do Brasil receberá um aumento orçamentário substancial, passando de R$ 8 milhões para R$ 300 milhões. Esse repasse visa ampliar o conhecimento sobre o solo nacional, uma vez que apenas cerca de 25% do território brasileiro foi mapeado até o momento.

    Governança e o Conselho Nacional

    Junto à sanção da lei, foi assinado o decreto que cria o Conselho Nacional para Industrialização de Minerais Críticos e Estratégicos. Este órgão terá a responsabilidade de coordenar, planejar e acompanhar a política nacional. Caberá ao conselho propor ações públicas voltadas ao desenvolvimento das cadeias produtivas, com foco na industrialização e no domínio das tecnologias de refino no país.

    A formulação da política reflete uma preocupação com a soberania sobre os recursos naturais. O governo destacou a intenção de evitar a exportação de minerais críticos em estado bruto, priorizando o desenvolvimento de um mercado interno de mineração robusto e a formação de profissionais especializados por meio de parcerias com universidades e institutos federais.

    O Cenário para Investidores e a Transição Energética

    Os minerais críticos e as terras raras são insumos essenciais para indústrias de alta tecnologia, como a automobilística, a de defesa e as voltadas à transição energética. O Brasil possui a segunda maior reserva de terras raras mapeada no mundo, com cerca de 21 milhões de toneladas, ficando atrás apenas da China, que detém aproximadamente 44 milhões de toneladas.

    O setor de mineração é caracterizado por sua alta demanda de capital. Como destacou Pablo Cesário, representante do Instituto Brasileiro de Mineração, no contexto da aprovação da lei:

    A mineração exige investimentos intensivos e ciclos produtivos que frequentemente chegam a 40 anos. Por isso, previsibilidade e estabilidade, especialmente a fiscal, são premissas indispensáveis para atrair investimento de longo prazo.

    Perspectivas Práticas

    A instituição da Política Nacional de Minerais Críticos e Estratégicos sinaliza um esforço de estruturação regulatória para atrair capital nacional e estrangeiro. Agentes econômicos e investidores devem acompanhar as futuras resoluções do Conselho Nacional, que definirão os critérios de enquadramento para os projetos prioritários elegíveis ao apoio do Fundo Garantidor.

    Este conteúdo tem caráter meramente informativo e não constitui aconselhamento jurídico. Para orientação sobre casos concretos, consulte um advogado.

  • Brazil’s New National Policy on Critical and Strategic Minerals

    Brazil’s New National Policy on Critical and Strategic Minerals

    The Brazilian federal government recently enacted legislation establishing the National Policy on Critical and Strategic Minerals. The new legal framework sets guidelines to foster research, extraction, and processing of these resources in Brazil, with projections to allocate up to BRL 7 billion through incentives for sector projects.

    The Guarantee Fund and Research Fostering

    One of the main instruments introduced by the law is the creation of the Mineral Activity Guarantee Fund (Fgam). The fund will receive an initial contribution of BRL 2 billion from the federal government, potentially reaching up to BRL 5 billion. Fgam aims to guarantee enterprises and operations linked to the production of critical minerals, remaining restricted to projects classified as priorities under the new policy.

    In addition to the fund, the Geological Survey of Brazil (SGB) will receive a substantial budgetary increase, rising from BRL 8 million to BRL 300 million. This transfer aims to expand knowledge of the national subsoil, as only about 25% of Brazilian territory has been mapped to date.

    Governance and the National Council

    Alongside the enactment of the law, a presidential decree established the National Council for the Industrialization of Critical and Strategic Minerals. This body will be responsible for coordinating, planning, and monitoring the national policy. The council will be tasked with proposing public policies aimed at developing supply chains, focusing on domestic industrialization and refining technologies.

    The design of the policy reflects a focus on sovereignty over natural resources. The government highlighted its intention to avoid exporting critical minerals solely in raw form, prioritizing the development of a robust domestic mining market and the qualification of specialized professionals through partnerships with universities and federal institutes.

    The Investor Landscape and the Energy Transition

    Critical minerals and rare earths are essential inputs for high-tech industries, such as the automotive, defense, and energy transition sectors. Brazil holds the world’s second-largest mapped reserves of rare earths, with approximately 21 million tons, behind only China, which holds around 44 million tons.

    The mining sector is characterized by its high capital intensity. As highlighted by Pablo Cesário, representative of the Brazilian Mining Institute (Ibram), in the context of the law’s enactment:

    Mining requires intensive investments and production cycles that often reach 40 years. Therefore, predictability and stability, especially tax stability, are indispensable premises for attracting long-term investment.

    Practical Outlook

    The establishment of the National Policy on Critical and Strategic Minerals signals a regulatory effort to attract domestic and foreign capital. Market participants and investors should monitor the upcoming resolutions from the National Council, which will define the qualification criteria for priority projects eligible for support from the Guarantee Fund.

    This content is for informational purposes only and does not constitute legal advice. For guidance on specific matters, consult a qualified lawyer.