RESTRICTED  WORLD TRADE  
ORGANIZATION  TN/S/O/BRA/Rev.1  
22 June 2005 
 
 (05-2684) 
Council for Trade in Services 
Special Session Original:   English 
 
 
 
BRAZIL 
 
Revised Offer  
 
 
 The following revised offer has been received from the delegation of Brazil on 10 June 2005 
with the request that it be circulated to Members of the Council for Trade in Services. 
 
_______________ 
 
 
 Pursuant to paragraph 1 (e) and Annex C of  document WT/L/579, and taking into account 
paragraphs 15, 47 and 49 of the Doha Ministerial Declaration, Brazil submits herewith its revised 
offer in the framework of the ongoing services negotiations.  
 This offer is conditional on:  
 
a) other WTO Members making substantive and satisfact ory offers in areas of interest to Brazil 
in the Doha Work Programme, particularly in agriculture, as well as in sectors and modes of supply in the GATS negotiations  where Brazil has indicated its interests; and 
 
b) the outcome of the negotiations on rule -making under GATS Article VI:4 (Domestic 
Regulation); Article X (Emergency Safeguard  Measures); and Article XV (Subsidies).  
  This offer cannot be construed as offering in an y way the privatization of public undertakings 
or as preventing Brazil from regulating public and private services in order to meet national policy 
objectives.     Brazil reserves its right to modify, extend, reduce or withdraw, in whole or in part, this offer at any time prior to the conclusion of the current  services negotiations, as well as to make adjustments 
to its horizontal commitments, in view of the enla rgement of its sector-specific commitments.  Brazil 
further reserves the right to make technical amendmen ts to this offer and make corrections to rectify 
any errors, omissions, or inaccuracies in this offe r as well as to clarify and interpret the terms and 
conditions of this offer.    This offer is based on the consolidated sch eduled (S/DCS/W/BRA) and the initial offer of 
Brazil (TN/S/O/BRA). The individual sectors and s ub-sectors are identified in accordance with the 
classification list in Document MTN.GNS/W/120 and corresponding CPC numbers wherever possible.    TN/S/O/BRA/Rev.1 
Page 2  
 
 The editorial conventions used in this revi sed offer follow the guidelines established by the 
WTO Secretariat in JOB(02)/88 and JOB (05)/6 i.e.:    BOLD  – New text 
 STRIKE OUT
 – Deleted text 
 ITALICS  – Where any new or deleted text constitutes merely a technical refinement that does 
not alter the scope or substance of an existing commitment. 
 Shading is used to identify changes made to the initial offer of Brazil, presented as 
TN/S/O/BRA.  
 
 
    TN/S/O/BRA/Rev.1
 Page 3Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
I. HORIZONTAL COMMITMENTS  
 
ALL SECTORS INCLUDED IN THIS SCHEDULE  
 Investment
 
 
3) In accordance with laws and regulations that rule  
governing  foreign investments in Brazil, all 
foreign capital invested in Brazil must be 
registered with the Central Bank of Brazil to be 
eligible for remittances. The Central Bank establishes procedures related to the remittances 
and transfers of funds abroad.  
  Foreign service suppliers wishing to supply a 
service as a juridical person must be organized as 
a legal entity foreseen by the Brazilian law. The Brazilian law establishes for juridical persons a 
separate existence from the person of its holders, 
thus granting the juridical person with individual 
existence. Consequently, a juridical person has 
full title and responsibility for its patrimonial rights and obligations.  
  
  
3) None 
   
  Commercial presence  
  An entity earns the condition of private law 
juridical person when the correspondent 
incorporation act (By-Laws and/or Articles of Association) is duly filed with the appropriate 
Entities’ Public Registry (EPR).  
 It is mandatory that the EPR records contain the 
following data on the juridical person: 
 (i) its denomination, purpose and location of 
head offices;    TN/S/O/BRA/Rev.1 
Page 4 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 (ii) the description of its management, including 
active and passive, judicial and extra-judicial representation; 
(iii)  the process of amendment of the management 
provisions; (iv)  the provisions regarding the liability of the 
officers for its acts; and  
(v)  the provisions concerning its termination, including the destination of its assets. The juridical 
persons referred as "sol e proprietorship" and 
"partnership" (i n article XXVIII, item (l) of the 
General Agreement on Trade in Services)  are not 
considered as such under Brazilian law.   
   
  A joint venture may be accomplished by a capital 
association through the formation of any type of 
business organisation as set forth in the Brazilian 
law (usually a Privat e Limited Liability 
Company ⎯ “Limitada” ⎯ or a Corporation ⎯ 
“Sociedade Anônima”). A joint venture may also 
be carried out through a “consórcio”, which is 
neither a juridical person nor a form of capital association. A “consórcio” is used mainly with 
major contracts fo r rendering of services. It is a 
contract of two or more enterprises for a joint accomplishment of one specific undertaking.  
Each associate in a “consórcio” maintains its 
respective organisational structure. 
 
 Movement of Natural Persons  
     TN/S/O/BRA/Rev.1
 Page 5Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 4) Unbound, except for measures related to  
specialized technicians, highly qualified 
professionals, managers and directors. Foreign 
specialised technicians and highly qualified 
professionals may work under a temporary 
contract with legal entities, whether of national or 
foreign capital, established in Brazil.  The 
pertinent contract must be approved by t he 
Ministry of Labour. Approval of contracts of 
specialised technicians and highly qualified 
professionals takes into account the compatibility 
of their qualifications with the area of business in 
which the company is engaged. The company 
must justify the need to contract such 
professionals and technicians in relation to 
similar professionals and technicians available in 
Brazil. Juridical persons must obey the 
proportionality of at least two Brazilians for three 
employees, when engaged in the following 
activities listed in this offer: communications; 
land transportation; commercial stores in general; 
commercial offices; insurance; advertising; hotel 
and restaurants. Managers and Directors 
appointed to affiliates of foreign companies 
established in Brazil wil l be granted access under 
the following conditions: designation to a 
position with full decision -making power; 
vacancy of such position; existence of associate 
link between the service supplier  provider in the 
Brazilian territory and its headquarters abroa d; 
proof by the service supplier  provider  in Brazil 
that the manager or director is performing his 
duties after receiving the visa.    4) Unbound, except as indicated in the 
market access column  
   TN/S/O/BRA/Rev.1 
Page 6 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
  Appointment of such Managers or Directors must 
be relate d to the provision of new technology, 
increase in productivity or the foreign company 
must have invested a minimum amount of US$ 
200,000.00 (amount may be adjusted in the 
future to a corresponding US$ value of 1993) in 
Brazil. All other requirements, laws and 
regulations regarding the entry, stay and work 
shall continue to apply.  
   
ALL SECTORS INCLUDED IN 
THIS SCHEDULE 4)   Unbound, except for measures related to the 
following categories: 
 
1.  Intra-Corporate Transferees (ICT)  
Definition:  Employees of a 
company/partnership/firm established in the 
territory of a WTO Member who are 
transferred temporarily for the supply of a 
service through commercial presence (either 
through a representative office, branch,  
subsidiary or affiliate) in the territory of  Brazil.
 
There must exist an associate link between the 
service supplier in the Brazilian territory and 
its headquarters abroad. There must exist 
vacancy of the position. 
 4) Unbound, except as indicated in the 
market access column 
  
 Juridical persons must obey the 
proportionality of at least two Brazilians for 
three employees. 
 
The employees refer to: 
 
(i) Executives 
 
Definition: Executives are those who 
primarily direct the management of the 
organization and exercise wide latitude in 
decision making. 
     TN/S/O/BRA/Rev.1
 Page 7Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
  
Appointment of each Executive or 
Director must be related to: 
 
(a)  investment amounting to, at least, US$ 
50,000.00, provided that the company 
creates 10 new jobs during the first two 
years after its establishment or entry of 
the Executive or Director; or 
 
(b)  the company must have invested a 
minimum amount of US$200,000.00 in 
Brazil. 
 
Duration of stay: up to 3 years.  
 
(ii) Managers 
 
Definition: Managers are those who 
primarily direct the organization/ 
department/subdivision and exercise 
supervisory and control function over other 
supervisory, managerial or professional 
staff. 
 
Appointment of a Manager or Administrator 
must be related to: 
 
(a) investment amounting to, at least, US$ 
50,000.00, provided that the company 
creates 10 new jobs during the first two 
years after its establishment or entry of 
the Manager or Administrator; or 
 
(b)  the company must have invested a 
minimum amount of US$200,000.00 in 
Brazil. 
 
Duration of stay: up to 3 years.   
 
 
    TN/S/O/BRA/Rev.1 
Page 8 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(iii) Specialists 
 
Definition: Specialists are those who possess 
knowledge at an advanced level of expertise 
essential to the establishment/provision of 
the service and/or possess proprietary 
knowledge of the organization. 
 
The pertinent contract  must be approved 
by the Ministry of Labour. Approval of 
contracts of specialised technicians and 
highly qualified professionals takes into 
account the compatibility of their 
qualifications with the area of business in 
which the company is engaged, and their  
professional experience of at least 3 years.  
The company must justify the need to 
contract such professi onals and technicians 
in relation to similar professionals and 
technicians available in Brazil.  
 
Duration of stay: up to 2 years. 
 
2. Business Visitors 
 
 (i) Service sellers 
  Definition: Representatives of a service 
supplier who enter the territory of 
Brazil temporarily for the sale of 
services or entering into agreements for 
such sale for that services supplier. 
 
 Representatives of such service suppliers 
will not be engaged in making direct sales 
to the general public or in supplying 
services themselves. Such representatives 
will not receive any remuneration from a 
source located within Brazil.   TN/S/O/BRA/Rev.1
 Page 9Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
  Duration of stay: up to 90 (ninety) days . 
 
 (ii)  Persons responsible for setting up a 
commercial presence 
 
 Definition: Employees of a juridical person 
for the purpose of setting up a commercial 
presence of that juridical person in the 
territory of Brazil. 
 
 Employees of such juridical persons will 
not be engaged in making direct sales to 
the general public or in supplying services 
themselves. 
 
 Refers only to employees of a juridical 
person not already having commercial 
presence in the territory of Brazil. Such 
employee will not receive any 
remuneration from a source located within 
the territory of Brazil. 
 
 In order to set up a commercial presence, 
Business Visitors must appoint as 
representative a person resident in Brazil. 
 
 Duration of stay: up to 90 (ninety) days.  
 
3.  Contractual service suppliers 
Employees of juridical person 
 
Definition: Employees of a foreign based 
company/partnership/firm who enter the 
territory of Brazil temporarily in order to 
perform a service pursuant to a contract 
between their employer and a service 
consumer in the territory of Brazil. 
    TN/S/O/BRA/Rev.1 
Page 10 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 Restricted to employees of foreign based 
enterprises with no commercial presence in 
the territory of Brazil. Employees of such 
foreign based enterprise receive their 
remuneration from their employer. 
Employees have appropriate educational 
and professional qualifications relevant to 
the service to be provided. 
 
The juridical person of the other WTO 
Member has to obtain a service contract for 
the provision of the service in the territory 
of Brazil . 
 
The service consumer must be a juridical 
person established in Brazil.  
There must be a contract for technical 
assistance or transfer of technology 
between the foreign company and the 
service consumer in Brazil.  
For each foreign professional covered by 
the contract there must be: a) justification 
of the need for the services of that 
professional in view of professionals 
available in Brazil; and b) proof of previous 
experience of at least 3 years.  
In the case the foreign company has no 
Brazilian professionals, it must present a 
training program contemplating Brazilian 
professionals.      TN/S/O/BRA/Rev.1
 Page 11Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
  
Duration of stay: up to 1 year.  
 
For all categories: 
All other requirements, laws and regulations 
regarding the entry, stay and work shall 
continue to apply. The work permit shall be 
conditioned to the performance of the 
function to which the work permit is 
attached, authorized by the Ministry of 
Labour and Employment. 
   
 Subsidies  
 
1), 2), 3) and 4) Unbound Subsidies  
 
1), 2), 3) and 4) Unbound for subsidies for Research and Development 
  
I. SECTOR SPECIFIC COMMITMENTS 
 
 
1. BUSINESS SERVICES   
A. Professional Services
  
 
(b) Accounting, auditing 
and book-keeping 
(CPC 862) 
 
  
  
 
  
1) Unbound, except that a foreign service supplier  
provider
 may cede its name to Brazilian 
professionals  
2) Unbound 
3) Participation of non-residents in juridical persons 
controlled by Brazilian nationals is not allowed. 
A foreign service supplier shall not  use its 
foreign name, but may cede it to Brazilian professionals who will constitute and exercise 
full participation in a new juridical person within 
Brazil. 
4) Unbound, except as indicated in the horizontal  
section 
  
  
 
  
1) Unbound 
  
2) Unbound 
3) Special registration requirements for 
accountants who wish to audit such 
companies as financial institutions and 
savings and loans associations.  Brazilian accounting and auditing standards must be 
followed. 
 4) Unbound except as indicated in the 
horizontal Section 
   TN/S/O/BRA/Rev.1 
Page 12 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(d) Architectural services 
 (CPC 8671) 
 1) Unbound 
2) Unbound 3) Foreign service suppliers must join Brazilian 
service suppliers in the form of a “consórcio” in 
which the Brazilian partner maintains the 
leadership . in a specific type of legal entity 
(consórcio) the Brazilian partner shall maintain 
the leadership. The cont ract establishing the 
consórcio must clearly define its objective.   
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) None 
 
  
 
  
4) Unbound, except as indicated in the 
horizontal section 
  
(e) Engineering services 
 (CPC 86721, 86722, 
 86723, 86724, 86725,  86729) 
 
 Engineering design 
services (CPC 86726) 
 Other engineering 
services during the 
construction and 
installation phase 
(CPC 86727)  
 
Advisory and consultative  
engineering services (CPC 
86721)  
 1) Unbound  
2) Unbound  
3) Foreign service suppliers must join Brazilian 
service suppliers in the form of a “consórcio”, 
in which the Brazilian partner maintains the 
leadership . 
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 
3) None  
 
 
 
4) Unbound, except as indicated in the 
horizontal section 
  
Engineering design  
 (CPC 86722, CPC  86723,  
CPC 86724)  
Industrial engineering  
 
 1) Unbound  
2) Unbound  
3) Same conditions as in Architectural services  
4) Unbound except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the 
horizontal section  
    TN/S/O/BRA/Rev.1
 Page 13Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 
 (CPC 86725)  
Other engi neering services 
(CPC 86729 ) 
  1)
 Unbound  
2) Unbound  
3) Same conditions as in Architectural services  
4) Unbound except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the 
horizontal section  
  
 1)  Unbound  
2) Unbound  
3) Same conditions as in Architectural services  
4) Unbound except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the 
horizontal section  
  
 1)  Unbound  
2) Unbound  
3) Same conditions as  in Architectural services  
4) Unbound except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the 
horizontal section  
  
(g) Urban planning and 
 landscape architectural  services (CPC 8674) 
 1) Unbound  
2) Unbound 3) Foreign service suppliers must join Brazilian 
service suppliers in the form of a “consórcio”, in 
which the Brazilian partner maintains the 
leadership.  Same conditions as in Architectural 
services  
4) Unbound, except as indicated in the horizontal 
section  
 1) Unbound 
2 Unbound 3) None 
 
  
 
4) Unbound, except as indicated in the 
horizontal section 
  
  (i) Veterinary services 
  (CPC 932) 
 
 1) None  
2) None  
3) None  
4) Unbound, except as indicated in the horizontal 
section. 
 1) None  
2) None 
3) None 
4)  Unbound, except as indicated in the 
horizontal section.   
B. Computer and Related 
Services (CPC 84, 
except for 843 and 849) 
 1)  Unbound 
2)  Unbound 
3)  None 
4)  Unbound 
 1)  Unbound 
2)  Unbound 
3)  None 
4)  Unbound    TN/S/O/BRA/Rev.1 
Page 14 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 
A. F.  Other Business Services  
 
(a) Advertising services 
 (CPC 871) 
  
 1) Foreign participation in the production is limited 
to 1/3 of the footage of advertising films. Larger 
participation is conditional on use of Brazilian talent and production house.  Advertising films 
must be spoken in Portuguese, unless the use of a 
foreign language is required by the subject of the film. 
2) Unbound 
3) In addition to the conditions above (1), foreign 
participation is limited to 49 per cent of the 
capital of companies established in Brazil. 
Leadership must remain with Brazilian partners.  Professionals are subject to the Brazilian Code of 
Ethics of Advertising Professionals. 
4) Unbound except as indicated in the horizontal 
section 
  
 1) Unbound 
 
  
 
  
2) Unbound 
3) Foreign producers must live at least 3 
years in Brazil before being authorised to 
produce films. 
  
 
4) Unbound except as indicated in the 
horizontal section 
  
(b) Market research and 
 public opinion polling 
 services  (CPC 864) 
  1) Unbound   
2) None Unbound
 
3) None 
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound   
2) None Unbound  
3) None 
4) Unbound, except as indicated in the 
horizontal section  
(c) Management consulting 
 services (CPC 865) 
 1) Unbound  
2) None Unbound  
3) None 
4) Unbound, except as indicated in the horizontal 
section 1) Unbound 
2) None  Unbound  
3) None 
4) Unbound, except as indicated in the 
horizontal section 
  
(d) Services related to 
 management consulting  
Project Management  
  (CPC 86601) 
 1) Unbound  
2) None Unbou nd 
3) None Companies must be registered with the 
Regional Council of Administrators  
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) None  Unbound  
3) None 
 4) Unbound, except as indicated in the 
horizontal section 
    TN/S/O/BRA/Rev.1
 Page 15Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(e) Technical testing and 
 analysis services (CPC  8676) 
 
 
 1)  Unbound   
2)  Unbound 3)  None 
4)  Unbound, except as indicated in the 
horizontal section 
 1) Unbound   
2)  Unbound 3)  None 
4)  Unbound, except as indicated in the 
horizontal section  
(g) Services incidental to 
 fishing (CPC 882)  
 Does not include the  property of fishing 
 boats  
 1) Unbound*  
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound*  
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section  
(k) Placement and supply 
 services of personnel  
 (CPC 872)  1) Unbound*  
2) Unbound  
3) None 4)  Unbound, except as indicated in the 
horizontal section 
 1) Unbound*  
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
  
(I) Investigation and  
 security (CPC 873,  except 87309) 
 1) Unbound 
2) Unbound 3) The property and administration of 
specialised suppliers of investigation and 
security services is forbidden to foreigners. 
4)  Unbound, except as indicated in the 
horizontal section 
 1) Unbound 
2) Unbound 3) None 
 
 4)  Unbound, except as indicated in the 
horizontal section 
   TN/S/O/BRA/Rev.1 
Page 16 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(n) Maintenance and 
repair of equipment (not including 
maritime vessels, 
aircraft or other transport equipment) 
(CPC 633 + 8861 + 
8862 + 8863 + 8864 + 8865+ 8866, except 
63309) 
 1) Unbound * 
2) Unbound 3) None 
4) Unbound, except as indicated in the horizontal 
section  
 1)  Unbound * 
2)  Unbound 3)  None 
4)  Unbound, except as indicated in the 
horizontal section 
  
(o) Building-cleaning 
services   
 (CPC 874) 
 1) Unbound *  
2) None Unbound  
3) None 
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound * 
2) None Unbound  
3) None 
4) Unbound, except as indicated in the 
horizontal section 
  
(p) Photographic services 
 (CPC 87501, 87502, 
 87503, 87505, 87506, 
 87507 ) 
 1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section   
(q) Packaging services 
 (CPC 876)  
 1) Unbound * 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound * 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section  
  
(s) Convention services 
 (CPC 87909) 
 1) Unbound   
2) Unbound 
3) None   4) Unbound, except as indicated in the horizontal 
section 
 1)  Unbound   
2) Unbound 
3)  None   4)  Unbound, except as indicated in the 
horizontal section 
  
(t) Other 
 translation and 
interpretation services 
(except excluding 
official translators) 
(CPC 87905)  1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section     TN/S/O/BRA/Rev.1
 Page 17Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
2. COMMUNICATION 
SERVICES 
 
B. Courier Services  
(CPC 75121) 
 
 Pick-up, transport and 
delivery of letters, postcards and grouped 
correspondence, as well as 
issuance of stamps and  other postage payments are 
not included 
  
  
 
  
 
1) None 2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section  
  
 
  
 
1) None 2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section   
C. TELECOMMUNICATION SERVICES  
 
(i) The Federal Constitution of Brazil guarant ees all acquired rights of service providers  already established in Brazil. The Execu tive Branch has the legal 
prerogative to consider limits to foreign participation in the capital composition of  telecommunication service providers. 
(ii) All service suppliers in order to supply a telecommunication  service in Brazil need to obtain a licence from Anatel. Licen ces shall be granted only to 
suppliers duly constituted accord ing to the Brazilian legislation, which requires head office and management located in the Bra zilian territory, and 
ownership of the majority of the voting sh ares by natural persons resident  in Braz il or companies duly constituted according t o the Brazilian legislation, 
which requires head office and management  located in the Brazilian territory.  
 
(iii) The present schedule does not include any commitment related to the activities wh ich have their content transported by a telecommunication service. 
The content and treatmen t of those activities are regulat ed by their respective sectors. 
 
(iv) Foreign satellites are permitted to have market access in Brazil,  and regulatory decisions on th is regard are based on a transp arent, objective process 
and on a reciprocity basis. Telecommunication  service providers must use Brazilian sa tellites, whenever they offer technical, o perational or commercial 
conditions equivalent to foreign satellites.  
 
(v) The number of wireless serv ice providers might be limited  due to spectrum availability. 
 
(vi) Value Added Services are not defined as teleco mmunication services in th e Brazilian legislation. 
  TN/S/O/BRA/Rev.1 
Page 18 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
2.C.  
TELECOMMUNICATION 
SERVICES:  
 
Local, long distance and 
international services, for 
public and non-public use, 
provided with the use of any 
network technology (cable, 
satellite, etc) 
 
(a)  Voice telephone  services  
 
(b)  Packet-switched data 
transmission services  
 
(c) Circuit-switched data 
transmission services 
 
(d)  Telex  services   
(e)  Telegraph Services  
 
(f)  Facsimile services   
(g)  Private leased  circuit  
services  
  
 
 
 
1) Unbound 
2) Unbound 
3) None, except as listed in the horizontal 
section to this sub-sector and in the 
horizontal section 
4) Unbound, except as indicated  in the 
horizontal section   
  
 
1) Unbound 
2) Unbound  
3) None, except as listed in the horizontal 
section to this sub-sector and in the 
horizontal section 
4) Unbound, except as indicated in the 
horizontal section       TN/S/O/BRA/Rev.1
 Page 19Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(o) other   
 Basic 
Telecommunication 
Services 
 
 Mobile services  
 Analog/ Digital cellular 
 services   
 (800 MHz, 900 MHz, 1800 
MHz, 1900 / 2100 MHz) 
 
 Global mobile satellite 
services 
 
 Paging services   
 
 Trunking services   
 (460 MHz, 800 MHz, 900 
MHz) 
 1) Unbound 
2)  Unbound  
3)  None, except as listed in the horizontal 
section to this s ubsector and in the 
horizontal section 
4) Unbound, except as indicated in the 
horizontal section  1) Unbound 
2) Unbound  
3) None, except as listed in the horizontal 
section to this s ubsector and in the 
horizontal section 
4) Unbound, except as indicated in the 
horizontal section   
3. CONSTRUCTION AND 
RELATED ENGINEERING 
SERVICES  
 
A. General construction work 
for buildings  
(CPC 512) 
 
B. General construction work 
for civil engineering  
 (CPC 513)   
 
 1) Unbound* 
2) Unbound  
3) None . Access will be granted 5 years after 
entering into for of Agreement establishing the 
World Trade Organization. No limitations after 
that date.   
4) Unbound, except as indicated in the 
horizontal section   
 
 1) Unbound * 
2) Unbound  
3) None  
 
 
 
4) Unbound, except as indicated in the 
horizontal section    TN/S/O/BRA/Rev.1 
Page 20 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
C. Installation and assembly 
work and maintenance and 
repair of fixed structures  
(CPC 514 + 516) 
  
 
D. Building completion and 
finishing work  
(CPC 517, except 5179) 
 
E. Other  
(CPC 511) 
 1) Unbound  
2) Unbound  
3) Access will be granted 5 years after entering  
 into force of Agreement establishing the World  
Trade Organization.  No limitations after that  
4) Unbound except as indicated in the horizontal  
 section.  
  
 
 1)
 Unbound  
2) Unbound  
3) Access wi ll be granted 5 years after entering into 
force of Agreement establishing the World  
Trade Organization.  No limitations after that  
4) Unbound except as indicat ed in the horizontal 
section  1) Unbound  
2) Unbound  
3) None  
 
 4)
 Unbound except as indicat ed in the 
horizontal section.  
  
 
 1)
 Unbound  
2) Unbound  
3) None  
 
 
4) Unbound except as indicated in the 
horizontal section.  
  
4.  DISTRIBUTION 
SERVICES 
 
A. Commission agents' 
services (CPC 621, except 
62118) 
 
 
 
B. Wholesale trade services  
(CPC 622, except 
CPC 62271) 
 
 
 Excluding CPC 62271 – 
 Wholesale trade services of 
solid, liquid and gaseous 
fuels and related products  
  
 
 
1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound 2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section 
  
 
 
1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound 2)  Unbound 
3) None 
4)  Unbound, except as indicated in the 
horizontal section 
    TN/S/O/BRA/Rev.1
 Page 21Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
C. Retailing services   
(CPC 631 + 632)  
 
 
 
D. Franchising  
(CPC 8929) 
  1) Unbound 
2) Unbound 3) None 
4) Unbound, except as indicated in the horizontal 
section 
 
1) Franchise contracts must be in conformity with 
the Industrial Property Code to be eligible for payment of royalties. 
2) Unbound 
3) None 4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound 
  
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section  
7. FINANCIAL   SERVICES  
 
A. All insurance and insurance  
 related services  
 
 Insurance on freight  
 (CPC 81293)  
  
 
 
 
 
1) Imports can only be insured with established 
companies  
2) Unbound  
3) Specific type of legal entity 
(SociedadeAnômima - S.A.) required.  F oreign 
participation is limited to 50 per cent of the 
capital of a company and to 1/3 of its voting 
stock.  
4) Unbound except as indicated in the horizontal 
section.  
  
 
 
 
 
1) Unbound  
 
2) Unbound  
3) None  
 
 
  
4) Unbound except as indicated in the 
horizontal s ection.  
  
 Life insurance  
 (CPC 81211)  
 
 
  
 Medical care  
 (CPC 81291)  
 1) Unbound  
2) Unbound  
3) Same conditions as in Insurance on Freight.  
4) Unbound except as indicated in the horizontal 
section.  
 
1) Unbound  
2) Unbound  
3) Same conditions as in Insurance  on Freight  
4) Unbound except as indicated in the horizontal 
section.  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the 
horizontal section.  
 
1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the 
horizontal section.  
   TN/S/O/BRA/Rev.1 
Page 22 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 Property Insurance  
 (CPC 81292, CPC  81294, 
 CPC 81295, CPC 81296)  
 1) Unbound  
2) Unbound  
3) Same conditions as in Insurance on Freight  
4) Unbound except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in th e 
horizontal section.   
 Liability Insurance  
 (CPC 81297)  
 1) Unbound  
2) Unbound  
3) Same conditions as in Insurance on Freight  
4) Unbound except as indicated in the horizontal 
section.  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound except as indicated in the 
horizontal section.  
  
 Auxiliary services - 
agencies and brokers  
(CPC 81401)  
 
 
 
 Auxiliary services -  
 consultancy, actuarial and 
surveys  
(CPC 81402, 81404)  
 1) Unbound  
2) Unbound  
3) Natural persons only  
4) Unbound, except as indicated in the horizonta l 
section.  
 
1) None  
2) None  
3) None  
4) Unbound, except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) None  
4) Unbound, except as indicated in the 
horizontal section.  
 
1) None  
2) None  
3) None  
4) Unbound, except as indicated in the 
horizont al section  
  
A. Banking and other financial services  
 
Financial institutions subject to this co mmitment are classified as commercial bank, investment bank, consumer finance company,  housing finance company, financial 
leasing company, brokers and dealers, and each may perform only those activities permitted by the Banco Central do Brasil or by the Conselho Monetário Nacional. 
Multiple banks may be formed with a minimum of any two of the following portfolios, each corresponding to a commercial bank, in vestme nt bank, consumer finance 
company or a housing finance company.  
   TN/S/O/BRA/Rev.1
 Page 23Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 
- Acceptance of the following 
funds from the public:  
 (i) demand deposits  
 (ii) time deposits  
 (iii)  financing of 
commercial  transactions  
 
- Lending of all types, 
including:  
 (i) consumer  credit  
 (ii) mortgage credit  
 (iii)financing of commerci al 
 transactions   
1) Unbound  
2) Unbound  
3) The establishment of new branches and 
subsidiaries of foreign financial institutions as 
well as increases in the percentage of the 
participation of foreign persons and firms in the 
capital stock of Brazilian financial institutions is 
not permitted.  The number of branches in 
Brazil of each foreign bank is limited to the 
number existing on October 5th 1988.  
  
1) Unbound  
2) Unbound  
3) An individual network for Automatic 
Teller Machines (ATMs) may only be set 
up by Brazilian banks for use of clients of 
that bank.  Banks controlled by foreign 
capital and branches of foreign banks may 
share facilities with other banks on a 
minority basis. Minimum requirements for 
paid-in capital and net worth applicable to 
branches of foreign banks as well as to 
commercial banks and commercial banks 
portfolios of multiple banks controlled by 
foreign capital are twice those established 
for Brazilian banks.  
  
- Financial leasing  
- Payment and money 
transmission services 
carried out by financial 
institutions  
 
- Guarantees and 
commitments  
- Trading for own account or 
for account of customers, 
whether on an exchange or 
in an over -the-counter 
market, including:  
 (i) money market 
instrume nts 
 (ii) foreign exchange  
 (iii) futures and options  
 (iv) exchange rate and 
interest  rate 
instruments  
 (v) transferable securities  
 (vi) other negotiable 
 instruments and financial 
 assets, including bullion.  
 4) Unbound except as indicated in the hori zontal 
section  4) Unbound except as indicated in the 
horizontal section    TN/S/O/BRA/Rev.1 
Page 24 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
- Participation in public 
issues of all kinds of 
securities, including 
underwriting and placement 
as agent, and provision of 
services related to such 
issues  
 
- Brokerage of foreign 
exchange  
 
- Portfolio management and 
custodial and depository 
services  
 
- Investment and portfolio 
research and advice  
 1) Unbound  
2) Unbound  
3) The establishment of new branches and 
subsidiaries of foreign financial institutions as  
 
 
 
  
 
  
 
  
  
  
 
 
4) Unbound except as indicated in the horizontal 
section  1) Unbound  
2) Unbound  
3) An individual network for Automatic 
Teller Machines (ATMs) may only be set 
up by Brazilian banks for use of clients of 
that bank.  Banks controlled by foreign 
capital an d branches of foreign banks may 
share facilities with other banks on a 
minority basis. Minimum requirements for 
paid-in capital and  net worth applicable to 
branches of foreign banks as well as to 
commercial banks and commercial  banks 
portfolios of multip le banks controlled by  
foreign capital are twice those established 
for Brazilian banks.  Permission for a 
service supplier of another Member to 
expand existing operations or conduct new 
activities may be denied by the Banco 
Central do Brasil or authorized  on terms 
and conditions less favourable than those 
applied to Brazilian service suppliers.  
4) Unbound except as indicated in the 
horizontal section     TN/S/O/BRA/Rev.1
 Page 25Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
7.  FINANCIAL SERVICES  
 
Horizontal Sector Provisions: 
 
- For commitments made under mode 2): Commitmen ts are applicable to individuals and non -financial corporations. The contract or a cquisition of foreign 
financial services by Brazilian financial institutions and institutional investors a re limited to the situations were domestic legislation allows it. Such 
commitments exclude electronic commerce and mark eting activities, unless otherwise specified. 
 
- For commitments under mode 3): Service s uppliers choosing to supply a service throug h a juridical person constituted under Br azilian Laws are subject 
to non-discriminatory limitations (applicable regardless to the or igin of the capital) on juridical form, i. e. financial insti tutions or commercial institutions 
rendering financial services, and insurance providers unless otherwise specified, shall take the form of a “Sociedade Anônima” (see horizontal section for 
details). All members of senior level management of financial serv ices suppliers must be permanent residents in Brazil. The hor izontal section is also 
applicable. 
 
- For commitments under mode 4): Unless otherwise specified, comm itments are unbound and not taken due to technical unfeasibili ty, as insurance services 
(subsection 7.A) and most financial services (subsection 7.B) ca n only be provided by legal persons, in accordance to internati onal practices. In all sectors 
where commitments are placed, general horizontal requirements for this mode are also applicable. 
 
- Note for transparency purposes regarding domestic regulation  for commitments made under modes 1) and 2) : Cross-border trans fer of funds and assets are 
subject to procedures established in national legislation, whic h obliges registration at the Cent ral Bank for foreign exchange operations. Such legislation is updated 
and disclosed at www.bcb.gov.br . Brazil does not commit to a standstill situation for such rules,  but any changes will not be used as a means of avoiding 
commitments or obligations under the agreement, in accordance to GATS Annex on Financial Services provision 2(a), and shall be published in accordance to 
GATS Article III (1). Residents acquiring assets abroad are subjec t to periodic declarations at the Central Bank (“Banco Centra l do Brasil”) and the Federal 
Revenue and Customs Secretariat (“Secretaria da Receita Federal”).  Such declarations are related to capital census and tax purp oses, respectively. 
 
- Note for transparency purposes regarding domestic regulation for commitments under mode 4): depending on the sub-sector, regi strations at the competent 
authority, passing specific examinations and the need of having a federal revenue number (CPF) are regulatory requirements appl ied on a national treatment 
basis.  
 
(the regulatory transparency notes contai ned in this section fall under domestic regu lation, and are not included as commitment s, but  with the single purpose to 
facilitate the comprehension of the Brazilian regulatory environment).  
  TN/S/O/BRA/Rev.1 
Page 26 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
7.A. Insurance Services  
 
Horizontal Sub-sector Provisions: 
 
Note for transparency purposes regarding domestic regulation: under mode 3), authorization of the competent governmental agency  is required and shall be 
granted in a non-discriminatory basis. Competent licen sing agencies, according to each Sub-sector are: 
- a.1, a.2, b.2, b.3: SUSEP (Superintendence of Priv ate Insurance – “Superintendência de Seguros Privados”).  
- b.1: ANS (National Health Agency – “Agência Nacional de Saúde Suplementar”); 
 
Reference to CPC in this sub-sector is subject to technical revision. 
 
Note for sub sector 7.A: (1) Should the contract be in accordance to the Brazilian Law, commercial presence is required. 
 
 
(a) Life Insurance Services, 
open and close pension 
funds, except Social 
Security Services 
    
(a)1.Life Insurance Services 
(risk benefits: death and 
disability) (CPC 81211) 1)  Unbound 
2)  Unbound 
3) None other than horizontally indicated in 
this section 
4) Horizontal sector note is applicable  1)  Unbound 
2)  Unbound 
3)  None 
 
4) Horizontal sector note is applicable 
  
(a)2.Life Insurance (Annuities) 
and Open Private Pensions 
Services 
 (CPC 81212) 1)  Unbound 
2)  Unbound 
3) None other than horizontally indicated in 
this section 
4)  Horizontal sector note is applicable 
 1)  Unbound 
2)  Unbound 
3)  None 
 
4) Horizontal sector note is applicable  
(b) Non Life Insurance 
Services 
 
(b)1.Health Insurance Services 
(except pre-paid systems)  
 (CPC 81291) 
  
 
1)  Unbound 
2)   Unbound 
3)  None other than horizontally indicated in 
this section 
4)   Horizontal sector note is applicable  
 
1)  Unbound 
2)  Unbound 
3)  None 
 
4)  Horizontal sector note is applicable     TN/S/O/BRA/Rev.1
 Page 27Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(b)2.Freight Insurance Services 
(Maritime, Aeronautical 
and Terrestrial and 
Others)  
 (CPC 81294)   
1) None for exported goods (1) 
  Unbound for imported goods  
2)   None for exported goods (1) 
  Unbound for imported goods  
3) None other than horizontally indicated in this 
section 
4)  Horizontal sector note is applicable 
  
1)   None for exported goods (1) 
  Unbound for imported goods 
2)  None for exported goods (1) 
  Unbound for imported goods 
3)  None 
 
4)  Horizontal sector note is applicable  
(b)3.Body, Machinery and 
Civil Liability Insurance 
Services for Vessels 
 (CPC 81293) 
 1)  None for vessels registered in the Brazilian 
Special Register (“Registro Especial 
Brasileiro” –REB) if the insurance is not 
offered in Brazil or if domestic prices differ 
from international ones. Unbound for vessels 
not registered in the REB. 1) None for vessels registered in the 
Brazilian Special Register (“Registro 
Especial Brasileiro” –REB) if the 
insurance is not offered in Brazil or 
if domestic prices differ from 
international ones. Unbound for vessels 
not registered in the REB.  
 2)  None for vessels registered in the Brazilian 
Special Register (“Registro Especial 
Brasileiro” –REB) if the insurance is not 
offered in Brazil or if 
domestic prices differ from international ones. 
Unbound for vessels not registered in the REB.2) None for vessels registered in the 
Brazilian Special Register (“Registro 
Especial Brasileiro” –REB) if the 
insurance is not offeered in Brazil or if 
domestic prices differ from international 
ones. Unbound for vessels not registered 
in the REB.  
 3) None other than horizontally indicated in this 
section 
4)  Horizontal sector note is applicable 
 .3)  None 
 
4)  Horizontal sector note is applicable  
(b)4.Other Non Life Insurance 
Services (CPC 81292,  
81295, 81296, 81297) 1)  Unbound 
2)  Unbound 
3)  None other than horizontally indicated in this 
section 
4)   Horizontal sector note is applicable 
 1)  Unbound 
2)  Unbound 
3)  None 
 
4)  Horizontal sector note is applicable   TN/S/O/BRA/Rev.1 
Page 28 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(c) Auxiliary Services to 
Insurance and open private 
pension funds 
 1)  Unbound 
2)  Unbound 
3)  None other than horizontally indicated in this 
section for item (c)1.1  
  Unbound for item (c)1.2 
4)  None other than horizontally indicated in the 
general section  
 1) Unbound 
2) Unbound 
3)  None for item (c)1.1 
 Unbound for item (c)1.2 
 
4)  None  
(c)1.Agencies and Brokerage 
 Services (CPC 81401) 
 
/c).1.1 Agencies and 
Brokerage   Services 
for Insurance  and 
Open Private Pension 
Funds 
 
(c).1.2 Agencies and 
Brokerage Services for 
Reinsurance and 
Retrocession 
  
  
  
(c).2.Consultancy, Actuarial 
and Survey Services  
 (CPC 81402, 81404) 1)  None 
2)  None 
3) None other than horizontally indicated in the 
general section 
4) None other than horizontally indicated in the 
general section  1)  None 
2)  None 
3)  None 
 
4)  None 
    TN/S/O/BRA/Rev.1
 Page 29Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
7.B Banking and Other Financial Services  (Excluding Insurance) 
 
Horizontal Sub-sector Provisions:  
 
- For commitments under mode 3): The establish ment of financial institutions, such as, an y type of banks, consumer or real estate /mortgage finance 
companies, credit cooperatives or companie s, leasing companies, brokers and dealers, as well as increases in the participation of foreign persons 
(individual or firms) in the capital of financial institutions incorporated under Brazilian law,  needs a specific authorization  granted on a case-by-case 
basis by the Executive Branch, by means of  a Presidential decree. Specific conditions may be required. Institutions authorized to perform financial 
activities may perform only authorized activities, according to domestic Laws and regulations.  Representative offices may not engage in commercial 
business. 
 
- Note for transparency purposes regarding domestic regulation:  Services included in sub-sector 7.B.1 are th ose currently under primary responsibility of the 
Central Bank of Brazil (BACEN – “Banco Ce ntral do Brasil”), and those included in sub-sector 7.B.2 are those under primary resp onsibility of the 
Brazilian Securities Commission (CVM – “Comis são de Valores Mobiliá rios”). Only institutions accred ited by those agencies may r ender activities listed 
in this subsector.  
 
- Securities, for commitments under subsector 7.B.2, are: corporat e shares, debentures, secured bonds, founder’s shares (extingui shed in 2001, existing ones 
grandfathered), coupons of these securities ; subscription warrants, and rights or recei pts; securities certificates of deposit;  any type of derivatives, 
including options, forwards swaps and futures contracts; commerci al paper issued by public companies, except financial institut ions; open or closed-
ended mutual funds, including real estate-f unds; any type of collective investment instrument offered to the public that create s the right of participation in 
profits or other type of capital remuneration.  
 
 
Note for sub-sector 7.B: 
 
(1) Note for transparency purposes regarding domestic regulation:  the activities listed in this sector are regulated by specifi c rules enacted by the Brazilian 
Securities Commission – CVM. Current regulations are available at CVM´s website ( www.cvm.gov.br ). Domicile in Brazil is need ed, but this concept is non-
discriminatory, as it is currently extendable  to non-resident foreigners. In practice, only an address in Brazil is needed to r egister, working address admitted. The 
commitments are specific for the listed activities. 
 
  
  TN/S/O/BRA/Rev.1 
Page 30 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
7.B.1  Banking and other 
financial services, 
excluding securities 
related services  
(a) Acceptance of the 
following funds from the 
public: 
 1) Unbound 
2) None for advisory services (item “j”).
 Unbound for other items 
3)  None other than horizontally indicated in this 
subsection and section 
4)  None other than horizontally indicated in the 
general section for advisory services (item 
“j”). For other services, horizontal sector note 
is applicable.  
 1) Unbound 
2)  None for advisory services (item “j”).
 Unbound for other items 
3)   None 
 
4) None for advisory services (item “j”). 
For other services, horizontal note is 
applicable. 
  
 (i)  demand deposits; 
 (ii)  time deposits; 
(iii) Savings deposits 
destined for housing 
finance. 
  
 
  
  
(b) Lending of all types, 
including: 
 (i)  Consumer credit; 
 (ii)  Mortgage credit; 
 (iii) Financing of 
commercial 
transactions 
 
(c) Financial leasing. 
  
 
 
 
   
(d) Payment and money 
transmission services 
(excluding credit, charge, 
and debit cards). 
    
(e) Guarantees and 
commitments. 
      TN/S/O/BRA/Rev.1
 Page 31Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
(f) Trading for own account 
or for the account of 
customers, whether on 
exchange or  OTC market, 
of the following:  
   
 (i) money market 
instruments;  
(ii) foreign exchange; 
(iii) exchange rate and 
 interest rate 
instruments; 
(iv) other negotiable 
instruments and 
financial assets, 
including bullion. 
    
(g) Money brokerage 
(h) Factoring 
(i) Credit Card Services 
Advisory services related 
to items above, including 
research, advice, 
consultancy, and credit 
analysis. 
     TN/S/O/BRA/Rev.1 
Page 32 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
7.B.2 Securities related 
 services:     
(a) Trading for own account 
or for the account of 
customers, whether on an 
exchange or in a regulated 
OTC market, of securities. 
 
(b) Clearing services for 
securities. 
 
(c) Issue and Public offerings 
of securities, including 
underwriting and 
placement as agent. 
 
(d) Advisory services, 
investment and portfolio 
research and advice. 
 
(e) Asset or  portfolio 
management, including 
investment funds. 
 1)  Unbound 
2) None for acquisition of depository receipts of 
Brazilian Securities traded abroad (under 
items “a” and “b”). Unbound for other items 
 
3)  None other than horizontally indicated in this 
subsection and section 
4) None other than horizontally indicated in the 
general section for autonomous agents (item 
“a”) (1) . For items “b”, “c” and “e”, horizontal 
note is applicable. Unbound for item “d” 1)  Unbound 
2)  None for acquisition of depository 
receipts of Brazilian Securities traded 
abroad (under items “a” and “b”). 
  Unbound for other items 
3)   None  
4)  None for autonomous agents (item “a”) 
(1) . For items “b”, “c” and “e”, 
horizontal note is applicable. Unbound 
for item “d”  
  
9. TOURISM AND TRAVEL 
RELATED SERVICES 
A.  Hotels and restaurants  
 (incl. catering) (CPC 641 + 
642) 
 - Hotels (CPC 641)  
  
  
1) Unbound 
2) Unbound 3) None 
 
  
 
 
4) Unbound, except as indicated in the horizontal 
section   
  
1) Unbound 
2) Unbound 3) Brazilian services suppliers  firms
 
operating in the Amazon and North-
Eastern  regions benefit from certain tax credit incentives. Ot her incentives are 
limited to firms with majority of capital 
held by Brazilian citizens or legal entities. 
4) Unbound, except as indicated in the 
horizontal section  
    TN/S/O/BRA/Rev.1
 Page 33Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
   Restaurants (CPC 642)  
 
 1) Unbound  
2) Unbound  
3) None  
 
  
 
 4)
 Unbound, except as indicated in the horizontal 
section  
 1) Unbound  
2) Unbound  
3) Brazilian  firms operating in the Amazon 
and North -Eastern  regions benefit from 
certain tax credit incentives. Other 
incentives are limited to firms with 
majority of capital held by Brazilian 
citizens or legal entities  
4) Unbound, except as indicated in the 
horizontal section   
  
B. Travel agencies and tour 
operators   
(CPC 7471) 
  
 
C. Tour Guide Services
  
(CPC 7472) 
 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound* 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound* 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
  
10.  RECREATIONAL, 
CULTURAL AND 
SPORTING SERVICES (other than audiovisual 
services) 
 D. Sporting services
  
(CPC 9641, except  
CPC 96419) 
  
 
  
 
 1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the horizontal 
section 
  
 
  
 
 1) Unbound 
2) Unbound 
3) None 4) Unbound, except as indicated in the 
horizontal section 
   TN/S/O/BRA/Rev.1 
Page 34 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
11. TRANSPORT SERVICES    
A.  Maritime Transport 
Services (passenger, 
CPC 7211, and freight, 
CPC 7212, less cabotage 
transport services (see 
attached Note). 1) (a) Passenger: unbound; 
 (b) Freight: none, except cargoes whose 
transport is reserved to  the national flag, 
according to domestic law and regulations 
(see attached Note). 
2) None 
3) None, except: 
 (a) Supply of transport services: commercial 
presence requires the constitution of a 
Brazilian shipping company (EBN) in 
conformity with domestic law and 
regulations, implying inter alia   t h e  
ownership of at least one vessel, and 
capital resources adequate to the trade to 
be exploited. To fly the Brazilian flag, 
vessels must be registered in accordance 
to domestic law and regulations, holding a 
National Registry or a Especial National 
Registry (REB); 
 (b) Other forms of commercial presence (as 
described in item 1 of Definitions): none, 
except (i) as indica ted in Horizontal 
Commitments; (ii) Occupancy of areas of 
public domain in ports is subject to 
availability and concession procedures or 
public call for tender. 
 1) None, except: foreign vessels are 
subject to paying the Tariff for the Use 
of Lighthouses (TUF). 
 
 
2)  None 
3)  None The following port 
services are made 
available to international 
maritime transport 
suppliers under 
reasonable and non 
discriminatory terms and 
conditions, in accordance 
to domestic law and 
regulations:  
1. Pilotage; 
2. Towing and tug 
assistance; 
3. Provisioning, 
fueling, and 
watering; 
4. Garbage collecting 
and ballast waste 
disposal; 
5. Port captain 
services; 
6. Navigation aids; 
7. Shore-based 
operational services, 
including 
communications, 
water , and 
electrical supplies; 
8. Emergency repair; 
9. Anchorage, berth, 
and berthing 
services.    TN/S/O/BRA/Rev.1
 Page 35Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 4) None, except: 
 (a) as indicated in the horizontal section; 
 (b) In vessels flying the Brazilian flag and 
holding a National Registry the captain, 
the engineer, and 2/3 of the crew must be 
Brazilian citizens. In case the vessel holds 
a Especial National Registry (REB) only 
its captain and engin eer must be Brazilian 
citizens. 4) None, except as indicated in the 
horizontal section  
B, Auxiliary Services to 
Maritime Transport: 
 
 Cargo Handling Services 
(as in item 2 – Definitions) 
  
 
 
1) Unbound* 
2) None 
3) None, except: Occupancy of areas of public 
domain in ports is subj ect to availability and 
concession procedures or public call for 
tender. 
4) Unbound, except as indicated in the 
horizontal section 
  
 
 
1) Unbound* 
2) None 
3) None 
 
 
 
4) Unbound, except as indicated in the 
horizontal section 
  
 Storage and Warehousing 
Services (CPC 742) 
 1) Unbound* 
2) None 
3) None, except: Occupancy of areas of public 
domain in ports is subj ect to availability and 
concession procedures or public call for 
tender, as well as to specific customs domestic 
law and regulations. 
4) Unbound, except as indicated in the 
horizontal section 
 1) Unbound* 
2) None 
3) None 
 
 
  
4) Unbound, except as indicated in the 
horizontal section 
   TN/S/O/BRA/Rev.1 
Page 36 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 Customs Clearance 
Services (as in item 3 – 
Definitions) 1) Unbound.* 
2) None 
3) None, except: Occupancy of areas of public 
domain in ports is subject to availability and 
concession procedures or public call for 
tender, as well as to specific customs domestic 
law and regulations. 
4) Unbound, except as indicated in the 
horizontal section 1) Unbound* 
2) None 
3) None 
 
  
 
4) Unbound, except as indicated in the 
horizontal section 
  
 Container station and 
depot services (as in item 4 
– Definitions) 1) Unbound* 
2) None 
3) None, except: Occupancy of areas of public 
domain in ports is subj ect to availability and 
concession procedures or public call for 
tender, as well as to specific customs domestic 
law and regulations. 
4) Unbound, except as indicated in the 
horizontal section 1) Unbound* 
2) None 
3) None 
 
  
 
4) Unbound, except as indicated in the 
horizontal section 
  
 Maritime Agency Services 
(as in item 5 – Definitions) 1) None 
2) None 
3) None, except: Occupancy of areas of public 
domain in ports is subj ect to availability and 
concession procedures or public call for 
tender. 
4) Unbound, except as indicated in the 
horizontal section 
 1) None 
2) None 
3) None 
 
 
 
4) Unbound, except as indicated in the 
horizontal section  
 Freight Forwarding 
Services (as in item 6 – 
Definitions) 1) None 
2) None 
3) None, except: Occupancy of areas of public 
domain in ports is subj ect to availability and 
concession procedures or public call for 
tender. 
4) Unbound, except as indicated in the 
horizontal section 1) None 
2) None 
3) None 
 
 
 
4) Unbound, except as indicated in the 
horizontal section    TN/S/O/BRA/Rev.1
 Page 37Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
DEFINITIONS 
  
1. Other forms of commercial presence for the supply of "international maritime transp ort services" means the ability for inter national maritime transport 
service suppliers of other Members to undert ake locally all activities which are neces sary for the supply to their customers of  a partially or fully integrated 
transport service, within which the maritime transport constitutes a substantial element.  
 
These activities include: 
 
(a)  marketing and sales of maritime transp ort and related services through direct co ntact with customers, from quotation to in voicing, these services being 
those operated or offered by the service supplier itself or by service suppliers with which the service seller has established standing business 
arrangements; 
 
(b)  the acquisition, on their own account or on behalf or th eir customers (and the resale to their customers) of any transport  and related services, including 
inward transport services by any mode, particularly inland wate rways, road and rail, necessary for the supply of the integrated  services; 
 
(c)  the preparation of documentation concerning transport docume nts, customs documents, or other documents related to the orig in and character of the 
goods transported; 
 
(d)  the provision of  business information by any means, incl uding computerized information syst ems and electronic data interc hange (subject to the 
provisions of the annex on telecommunications); 
 
(e)  the setting up of any business arrangements (including partic ipation in the stock of a company) and the appointment of per sonnel recruited locally (or, 
in the case of foreign personnel, subject to the horizontal commi tment on movement of personnel) with any locally established s hipping agency; 
 
(f)  acting on behalf of the companies, organizing the call of the ship or taking over cargoes when required. 
 
 
2.  “Maritime cargo handling services" mean s activities exercised by stevedore compan ies, including terminal operators, but not  including the direct activities of 
dockers, when this workforce is organized independently of the st evedoring or terminal operator companies. The activities cover ed include the organization 
and supervision of: 
 
 
- the loading/discharging of cargo to/from a ship; 
- the lashing/unlashing of cargo; 
- the reception/delivery and safekeeping of car goes before shipment or after discharge. 
 
3. "Customs clearance services" (alternativ ely "customs house brokers’ services") mean s activities consisting in carrying out o n behalf of another party 
customs formalities concerning impo rt, export or through transport of cargoes, whet her this service is the main activity of the  service provider or a usual 
complement of its main activity. 
 
  TN/S/O/BRA/Rev.1 
Page 38 Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 
4. "Container station and depot services" means activities consisti ng in storing containers, wheth er in port areas or inland, w ith a view to their 
stuffing/stripping, repairing and ma king them available for shipments. 
 
5. "Maritime agency services" means activities consisting in rep resenting, within a given geographic area, as an agent the busi ness interests of one or more 
shipping lines or shipping compan ies, for the following purposes: 
 
- marketing and sales of maritime transport and related services, from quo tation to invoicing, and issuance of bills of lading on behalf of the companies, 
acquisition and resale of the necessary related services, prepar ation of documentation, and pr ovision of business information; 
 
- acting on behalf of the companies organizing the ca ll of the ship or  taking over cargoes when required. 
 
6.  "Freight forwarding services" means the activity consisting of organizing and monitoring shipment operations on behalf of s hippers, through the acquisition 
of transport and related services, preparation of documentation and provision of business information.   
 
 
NOTE ON MARITIME  TRANSPORT SERVICES 
 
1. Maritime cabotage passenger or freight tr ansport service includes all maritime passen ger or freight transportation services rendered between a port or 
point located in the territory of Brazil an d another port or point located in this same territory, including the so called feed er services, and movements of 
equipment as well; 
2. Cargoes whose transportation are reserved to the Brazilian fl ag are described in Brazilian law and regulations, including th e transportation of 
government acquisition cargoes, and the transportation of crude oil and its by-products; 
3. The present conditional o ffer is also subject to int ernational agreements to which Br azil is a contracting party 
   TN/S/O/BRA/Rev.1
 Page 39Modes of supply: 1)   Cross-Border supply  2)   Consumption abroad  3)    Commercial presence 4)   Presence of natural persons
Sector or sub-sector Limitations on market access Limitations on national treatment Additional commitments 
 
E.   Rail Transport Services  
 
 Rail Freight  Freight 
transportation  (CPC 71121, 
CPC 71123, CPC 71129) 
  
 1) Unbound 
2) Unbound 
3) Governmental authorisation required.  The 
granting of new authorisations is discretionary.  
The number of service suppliers may be limited. 
4) Unbound except as indicated in the horizontal 
section 
  
 1) Unbound  
2) Unbound 
3) None   
 
4) Unbound, except as indicated in the 
horizontal section 
  
F.   Road Transport Services   
 Road Frei ght Freight 
transportation  (CPC 71231, 
CPC 71233, CPC 71234) 
 1) Unbound 
2) Unbound 3) Foreign participation is limited to 1/5 of the 
voting shares of Brazilian companies engaged in 
this activity 
4) Unbound, except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) None 
 
 4) Unbound, except as indicated in the 
horizontal section 
  
G.  Pipeline Transport  
Transportation of other 
goods   (CPC 7139 excluding 
hydrocarbon products) 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section  
H.  Services auxiliary to all 
modes of transport   
 
(a)  Cargo-handling services   
 (CPC 741) 
 
(b) Storage and warehousing  
Storage and warehouse 
services  (CPC 742) 
 1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the horizontal 
section 
 
1) Unbound  
2) Unbound  
3) None  
4) Unbound, except as indicated in the horizontal 
section  1) Unbound 
2) Unbound 
3) None 
4) Unbound, except as indicated in the 
horizontal section 
 
1) Unbound  
2) Unbound  
3) None  
4) Unbound, except as indicated in the 
horizontal section   
 
 
   TN/S/O/BRA/Rev.1 
Page 40 BRAZIL - LIST OF ARTICLE II (MFN) EXEMPTIONS 
 
Sector or Subsector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need 
for the exemption 
Audiovisual/motion picture and video tape production  Measures which define 
norms for co-production of motion pictures with foreign countries and grant national 
treatment to motion pictures 
co-produced with foreign countries which maintain a co- production agreement with Brazil.  Motion pictures co- produced outside the 
scope of such agreements are 
not entitled to national treatment.  All countries
* 
 Indefinite 
 These agreements aim at the 
promotion of cultural exchange and the establishment of mechanisms to facilitate access 
to financial resources 
 
Land transport (cross-border supply)  Agreement on International 
Land Transport. Provides for national treatment for 
authorized suppliers of 
signatories in respect of international transport of cargo and passengers  Signatories are Argentina, 
Bolivia, Chile, Paraguay, Peru and Uruguay 
 Indefinite 
 To facilitate transport among 
neighbouring countries within the "Southern Cone" region on 
the basis of reciprocity 
treatment for service suppliers  
Maritime transport  Ocean shipping (cargo)  Measures allowing for 
bilateral agreements concerning cargo sharing and cargo reservation and measures providing for access to cargo on a 
reciprocity basis 
 All countries
** 
 Indefinite 
 Ensure effective participation 
of the Brazilian flag in the Brazilian liner cargo trade  
__________ 
                                                      
*  Note: At present Brazil maintains co-producti on agreements with Germany, Italy, Portuga l, Argentina, France , Angola, Colombia a nd Mozambique. 
**  For transparency only: at the moment Br azil maintains agreemen ts with certain member countries  of ALADI, China, USA and certa in member states of the  
 European Union .