Brazil is eager to expand its trade with Russia, according to Foreign Minister Mauro Vieira. In an interview with RIA Novosti, Vieira praised the growth in trade turnover between the two countries in the previous year and expressed his belief that there is potential for further expansion.
Vieira emphasized the need to make progress in trade relations, emphasizing that there is great potential for growth. He cited the record high trade turnover of nearly $10 billion in 2022 and emphasized that this figure could increase even more. He also highlighted the Brazilian government’s efforts to diversify mutual trade. Currently, trade between the two countries is focused on fertilizers and agricultural products, but they hope to expand into high value-added products. Additionally, Vieira expressed his view that there is potential for cooperation with Russia in science, technology, innovation, education, and culture.
One notable initiative being explored by Brazil is the possibility of using local currencies in trade with Russia and other global partners. This move aims to reduce dependence on the US dollar and euro. The Brazilian government is currently in talks with its partners in the BRICS group of nations, particularly Russia and China, regarding this matter. Earlier this year, Brazil signed an agreement with China on trade in mutual currencies, abandoning the US dollar as an intermediary.
The desire to increase trade with Russia aligns with Brazil’s broader economic and diplomatic goals. The country is actively seeking to diversify its trade partners and reduce reliance on traditional markets. By strengthening economic ties with Russia, Brazil hopes to expand its export opportunities and access a wider range of goods and services.
The BRICS group of nations, which includes Brazil, Russia, India, China, and South Africa, has also been a focal point of Brazil’s trade strategy. The group represents a significant portion of the global economy and offers opportunities for cooperation and trade diversification. Brazil’s engagement with Russia in particular reflects its commitment to strengthening ties with fellow BRICS members.
Moving forward, Brazil aims to continue nurturing its trade relationship with Russia and exploring new avenues for cooperation. By expanding trade in high value-added products and engaging in joint projects related to science, technology, and innovation, Brazil hopes to unlock further economic potential. Additionally, the exploration of local currency trade reflects Brazil’s determination to reduce its dependence on traditional global currencies.
In conclusion, Brazil is optimistic about the prospects of growing its trade with Russia. The record high trade turnover in 2022 and the potential to diversify trade and deepen cooperation in various sectors are promising developments. By expanding economic ties with Russia and other global partners, Brazil aims to bolster its position in the international arena and secure long-term economic growth.