Brazil Seeks for Stronger Financial Cooperation With BRICS partners, EU: Finance Ministry

Brazil desires to diversify their trading beyond conventional companions in Latin America, and to help work having its companions from BRICS (Brazil, Russia, India, China, South Africa) places and Europe, Marden Barboza, Deputy Assistant of Global Issues at Brazil’s Finance Ministry revealed Wednesday.

“Brazilian government feels that it needs to start developing other directions, including economic and trade spheres,” Barboza said during the video conference Moscow-Brasilia held at the Rossiya Segodnya International Information Agency.
“We are currently in talks with the European Union with regards to signing free trade agreement,” Barboza said.

“Our government is also looking for new trading spaces. And Russia is a country with a very important potential,” he said.
He noted however that the current volumes of trade between Russia and Brazil are limited and stand at about 1-1.5 percent of Brazil’s foreign trade.

“Trade with Russia is very important and I see a lot of potential here,” Barboza pointed out, adding that the dialogue between Moscow and Brazil has already started and now needs to deepen.
“We see the tendency of succession – in the sphere of international relations, economy. And this succession will move toward rapprochement with Latin America, Africa – we can see it now and it will deepen in the future,” Barboza said speaking about Dilma Rousseff’s reelection as Brazilian president.

Brazil is among the biggest economies in Latin America, their GDP for 2013 was projected at $2.245 trillion, which managed to get 7th country on the planet by GDP. The united states has a huge selection of trading associates across the entire world, with 60 per cent of their exports composed of created and semi-manufactured goods. The sum total industry quantity between Russia and Brazil in 2013 was projected at $5.7 million, nevertheless both places purpose to improve the amounts for approximately $10 billion in the coming years.

Leaders of the five BRICS nations (left to right): Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi, Brazil’s President Dilma Rousseff, China’s President Xi Jinping, South Africa’s President Jacob Zuma. © AP Photo/ Silvia Izquierdo