Brazil-UK trade on upward curve
23 September 2010
A High-Level Economic Dialogue meeting took place in Brasília on 21 September between Brazilian and British delegations led, respectively, by Ambassador Pedro Luiz Carneiro de Mendonça, Under-Secretary General for Economics and Technological Affairs in the Brazilian foreign ministry, and Nick Baird, Director General for Europe and Globalization at the Foreign and Commonwealth Office.
The Economic Dialogue meetings are an initiative dating back to President Lula's state visit to the UK in 2006, and have taken place annually since then. Their purpose is to further strengthen UK-Brazil economic and financial relations both in a bilateral and multilateral context.
The current trend is certainly positive, with Brazil having increased its total exports to the UK between January and August this year ($2.78bn) by 18% in relation to the same period in 2009. Exports of aircraft and sugar made a significant contribution to the overall increase. British exports to Brazil ($2.03bn), meanwhile, rose by an impressive 67%, with cars and steel tubes accounting for much of the increase.
The issues discussed at the Economic Dialogue meeting included the G20, the reform of international financial institutions, financial regulation, the Doha Round of world trade negotiations, EU-Mercosur trade, and the Millennium Development Goals.
Source: Ministry of External Relations and Embassy of Brazil in London