The U.K. and Brazilian governments signed a co-production treaty Thursday in Brasilia, Brazil’s federal capital.

Under the treaty, eligible film and TV productions will be able to tap the benefits of national status in both countries.

In Blighty, these benefits include access to film tax relief and the British Film Institute’s film fund, which invests £18 million ($29.2 million) in development, production and completion. This will rise to $38.9 million by 2017.

In Brazil, the benefits include local tax incentives, federal public funds and access to favorable TV terms.

Negotiated by the British Film Institute and the National Cinema Agency of Brazil (Ancine), the treaty, signed by Stephen Green, Blighty’s minister for trade and investment, is expected to come into force in two years.

“I’m delighted that the U.K. has strengthened its partnership with Brazil with this film co-production treaty,” said U.K. culture minister Ed Vaizey. “The treaty will bring huge benefits to both countries and builds on the strong collaborative relationship across the creative industries that already exists between us.”