Brazil is leading efforts to increase its own and Mercosur interests in closer trade and investment relations with Canada. This week the Brazilian Foreign Trade Secretary from the Ministry of Development, Industry, Trade and Services, MDIC, Tatiana Prazeres received the Canadian ambassador in Brasilia, Emmanuel Kamarianakis and special representatives, with the purpose of strengthening trade relations between both countries and the regional block Mercosur.
At the meeting, representatives of the governments of Brazil and Canada reinforced their mutual interest in deepening bilateral relations and in advancing, in a balanced way, commercial negotiations between Mercosur and Canada, as well as strengthening the dialogue on sustainability, gender, and inclusive trade.
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This was the second visit of Canadian government representatives to the MDIC in less than a month. On March 13, Canada’s Deputy Minister of International Trade, Rob Stewart, met with MDIC’s Deputy Executive Secretary, Aline Damasceno.
On that occasion, the vice-minister underlined that both countries share common values, with regard to democracy and economic growth on sustainable bases, and pointed out that such values reinforce the deep interest of the Canadian government in strengthening relations with Brazil and Mercosur partners, a market of 290 million people..
Since the start of the Ukraine war, and the global shortage of fertilizers, bilateral trade with Canada has strengthened considerably. Between January and April of this year, Brazil exported US$ 1.526 billion to Canada and imported US$ 1.104 billion, resulting in a surplus of US$ 421.7 million for Brazil. In 2022, Brazilian exports to Canada were US$ 5.396 billion and imports totaled US$ 5.164 billion, resulting in a positive balance of US$ 232 million for Brazil. Last year, Canada was the 13th country that received most Brazilian products in the world and occupied the 12th place among the main origins of imports.
Canada is negotiating a free trade agreement (FTA) with Mercosur, the trading bloc and customs union consisting of Argentina, Brazil, Paraguay, and Uruguay. Mercosur as a bloc represents a real GDP of over $2.5 trillion and a population of 295 million (2020).
In November 2017, Canada and Mercosur concluded the exploratory discussions on a possible FTA. The negotiations were officially launched on March 9, 2018 in Asuncion, Paraguay. Seven rounds of negotiations have been held to date, most recently from July 29 to August 2, 2019.
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