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Overseas Trade: Brazil

Answer

There is a clear potential for UK companies in Brazil with the world’s 5th largest population and the 9th largest economy (by GDP).

Total UK-Brazil trade reached £5.5 billion in 2017. Brazil is the largest destination of UK exports and the largest receiver of UK investment in Latin America. The new Bolsonaro government has stated ambitions around economic reform and leaving the EU will allow the UK to take advantage of the growing parts of the world economy, including South America. UK Export Finance has significant capacity to support UK exports to Brazil.

My Rt Hon Friend for Hertford and Stortford (Mark Prisk MP) was appointed as the Prime Minister’s Trade Envoy to Brazil in 2016 to promote further bilateral trade and investment. The UK and Brazil also have a number of bilateral dialogues including the Joint Economic and Trade Committee (JETCO). During the 10th edition held in London last year, chaired by my Rt Hon Friend the Secretary of State for International Trade, Brazil and the UK reaffirmed their commitment to exploring means to deepen future UK-Brazil trade and investment relations. This has been formalised through the Joint Trade Review, examining the business environment and market access issues so as to identify ways to increase opportunities for firms from both countries. Last year, the Secretary of State also appointed the first HM Trade Commissioner to Latin America, responsible for championing trade between the UK and Latin America.

Secondary information

Type

Written question

Reference

HL12570

Session

2017-19

Subjects

Overseas trade Brazil

Link

View this Written question on www.parliament.uk