Government diverts focus of South-South cooperation to increase bilateral trade by 50%
Last month, Armando Monteiro Minister for Development, Industry and Foreign Trade visited Washington under the mission of bringing even closer trade relations between Brazil and the USA. There is a great expectation in the recovery of the US economy through the balance of manufactured goods where it is estimated an increase of at least 50 % in bilateral trade. The amount is equivalent to about $ 30 billion per year, considering the agreements that was signed last month.
In the same month, the Finance Minister, Joaquim Levy, went also to the US to calm down investors and last week it was the turn for the Deputy Secretary of the US Department of Commerce for Export Management, Kevin Wolf, to come to Brazil. Mr. Wolf had the opportunity to explain to Brazilian government and companies how to commercialize controlled products in the country.
The trade balance shows that the US takes back the first position as buyer of Brazilian products. Shipments to the North American country rose about 10 %, while sales to China fell more than 40%. However, Brazil represents less than 2 % of US international trade showing that there are still excellent opportunities for those who what to export commodities and domestic products, high-tech investment and renewal the industrial park.