The Brazilian National Confederation of Industry, CNI, has launched a Brazil/UK Task Group to explore and identify trade and investment opportunities in both countries, as part of the UK initiative to increase and open markets in the post-Brexit scenario.
According to Brazilian sources two are the main issues in the agenda under consideration, formalizing an agreement to avoid Double Taxation, and the formal launching of negotiations for a Mercosur/UK trade agreement, now that for the rest of the year Brazil holds the chair of the South American group.
Even in such a complex scenario for the global economy, Brazilian exports to UK have jumped 33% in the first half of this year compared to 2020, said Joao Emilio Goncalves from CNI industrial development department.
For the growth trend to continue, it was suggested that the Task Group implement a program of possible short term actions with medium and long term goals. UK has also facilitated funds for the promotion of trade.
However it was also pointed out that overall bilateral trade of Brazil with UK has been somehow eclectic: from 2011 to 2020, imports dropped 31% and exports even more 51%. Lately considering only manufactured goods, levels are rather stable with increases of 31% and 44% respectively.