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Brazil and UK sign cooperation on trade facilitation

FOREIGN TRADE

British fund will invest $ 100 million in shares to support the international insertion of Brazilian companies

The Ministry of Economy and the British Ministry of Foreign Relations (FCO) signed this Tuesday (8/8) in Brasilia, Memorandum of Understanding (MoU) for trade facilitation cooperation projects under the Prosperity Fund, the interministerial service of the United Kingdom. 

Brazil will receive up to £ 20 million from the fund to operate on five fronts: insertion of micro, small and medium enterprises into the Global Value Chains; greater efficiency of ports; support of Brazil's accession to the Organization for Economic Cooperation and Development (OECD); besides the Intellectual Property and Regulation projects.

The signing of the document formalized the commitment of both parties to work together. On the side of the Ministry of Economy, signed the Executive Secretary, Marcelo Guaranys, and the Special Secretary of Foreign Trade and International Affairs, Marcos Troyjo. On the British side, signed the memorandum by the minister of the United Kingdom Department of International Trade, Conor Burns.

More opportunities

The Ministry of Economy is one of the UK Government's main interlocutors for the Trade Facilitation Program, developed by various public agencies in Brazil. The objective is to support the country's development by increasing efficiency in foreign trade operations and creating opportunities for a more inclusive trading system for companies of different sizes.

The implementation of the international insertion of the companies and the greater efficiency of the ports should start in September this year. The Intellectual Property project is in the bidding phase and the Regulation project is in the process of finalizing the scope document.

Regarding support for Brazil's accession to the OECD, some projects are already underway. In May 2019, the United Kingdom Government and the OECD signed a Memorandum of Understanding to expedite projects to be implemented by the Secretariat of the Organization.

Other investments

The British fund also said it will invest in various sectors in Brazil a total of £ 80 million (equivalent to about $ 400 million) in the areas of trade facilitation, business environment, energy, smart cities, green finance. and health.

This is part of the £ 1.2 billion that the Prosperity Fund will allocate by March 2023 to drive economic growth and sustainable development in developing countries.

Prior to signing, UK Foreign Minister Conor Burns met with Special Secretary Marcos Troyjo at the Ministry of Economy to reaffirm the key bilateral and global partnership with Brazil.