MercoPress. South Atlantic News Agency

Bolsonaro wants trade to represent 30% of Brazil's GDP y 2022

The foreign trade secretary defended the idea that “Brazil’s economy needs to be exposed to more competition” to ensure lasting growth.

The Brazilian government wants trade to represent 30% of the country’s gross domestic product by the end of 2022, with one official saying on Wednesday it will get there on the back of President Jair Bolsonaro’s liberalization plans.

Marcos Troyjo, the government’s foreign trade secretary, said at a seminar in Sao Paulo that Bolsonaro’s government will work ceaselessly to close international trade agreements while also pushing economic reforms through Congress.

“Trade police cannot be separated from economic policy,” Troyjo said. “Every big economic miracle of the past 75 years has had these two components in their DNA.” 

The secretary defended the idea that “Brazil’s economy needs to be exposed to more competition” to ensure lasting growth.

According to the International Monetary Fund, Brazil’s trade flows, including exports and imports, average around 25% of its GDP, which makes the country one of the least open among the G20 group of the world’s most industrialized nations.