Brazil and Bangladesh search to deepen relations and increase commerce flows approaching $2 billion

Brasília – With many frequent and complementary factors of their economies, Brazil and Bangladesh have synergies and are working to liberalize their commerce flows and wish to intensify enterprise and mutual investments. These had been the factors mentioned on the roundtable assembly with officers from each international locations on July 19 on the headquarters of the Brazilian Commerce and Funding Promotion Company (ApexBrasil).

In 2021, commerce circulation between international locations reached a report US$1.914 billion, and Brazilian exports reached US$1.824 billion. Essentially the most traded objects embody sugar and confectionery merchandise, cotton, seeds and oilseeds, vegetable oils, iron and metal. Brazil’s imports from Bangladesh amounted to US$117.8 million, principally clothes and accessories, textile fiber, paper and leather-based items.

In line with Lucas Fiuza, ApexBrasil’s Enterprise Director, the prospects are very optimistic because the commerce circulation has reached this degree with none concrete institutional effort like these at the moment being undertaken. “Bangladesh is a rustic with a big inhabitants, a related market, a excessive progress fee for a minimum of the final 5 years. It’s a strategically situated market in South Asia, the place the inhabitants is getting richer, consuming extra and we will meet all their calls for.”

key sectors

Bangladesh International Minister Shahriar Alam careworn that political stability and investments in key sectors of the financial system akin to infrastructure, in addition to changes in international commerce laws and laws, make the nation an awesome vacation spot for investments and a very good industrial area. Companion for Brazil. Adjustments in well being laws that facilitated the entry of animal protein and comparable merchandise into the nation had been open to dialogue. “Our future is promising and we wish Brazil to be a detailed buying and selling accomplice,” he mentioned.

Alternatives in different vital areas akin to hen meat had been additionally mentioned on the roundtable assembly. In line with Luis Renato de Alcântara, market director of the Brazilian Animal Protein Affiliation (ABPA), Brazil is the most important world producer and exporter of halal hen meat (a particular high quality certification required by Muslim international locations). “High quality and complementarity are pillars of our enterprise practices and we’re assured we will contribute to this market in Bangladesh,” he mentioned.

One other vital sector is textile, because the nation is the second largest provider of labor on this sector worldwide, after Vietnam with 84% of its exports coming from this sector. Subsequently, Bangladesh can be an vital buying and selling accomplice for Brazilian cotton producers.

However the alternatives don’t finish there: In line with Edwald Drummond, consultant of the Brazil-Bangladesh Chamber of Commerce, there are different areas that would tremendously profit from strengthening commerce relations between the 2 international locations, significantly prescription drugs and leather-based. .

“The room is a bridge between two international locations. “We’re geographically far aside, however we’re more and more nearer as a result of growth of our infrastructure, which each gives extra ports and airports for export transport.”

Ambassador Alex Giacomelli, consultant of the Brazilian Ministry of International Affairs, mentioned that the nation is displaying extra curiosity in South Asia, the place international locations akin to Bangladesh are making outstanding progress. “Strengthening commerce with this area will profit our communities and societies.”

Brazil and Bangladesh have had diplomatic relations since 1972, and 2022 marks the anniversary of friendship between the 2 international locations. As well as, two international locations have a good time vital dates this 12 months: the fiftieth Anniversary of Bangladesh’s Independence and the Bicentennial of Brazilian Independence.

Trade diversification

The roundtable with the Bangladesh delegation was organized by ApexBrasil as a part of a sequence of agendas within the operate of commerce and diplomatic mission to Brazil and was built-in by the pinnacle of the Federation of Chambers of Commerce by International Minister Shahriar Alam. and Trade (FBCCI), Jashim Uddin, different authorities representatives, chambers of commerce and younger entrepreneurs. Sadia Faizunneza, Bangladesh’s Ambassador to Brazil, was additionally a part of the delegation.

On the Brazilian facet, ApexBrasil’s Enterprise and Company Governance administrators Lucas Fiuza and Roberto Escoto, in addition to officers from the Ministries of International Affairs and Financial system, and representatives of key sectors within the bilateral commerce relationship between the 2 international locations had been current. Brazilian Cotton Producers Affiliation (ABRAPA), Brazilian Meat Export Industrialists Affiliation (ABIEC), Brazilian Animal Protein Affiliation (ABPA), Brazilian Animal Recycling Affiliation (ABRA), Brazilian Specialty Coffees Affiliation (BSCA), Brazilian Cooperatives Group (OCB), Brazilian Peanut, Confectionery and Sweets Trade Affiliation (Abicab), Brazilian Pharmaceutical Inputs Trade Affiliation (Abiquifi), and Brazilian Textile and Attire Trade Affiliation (ABIT).

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