Guedes Advocates Brazil’s Economic Integration, Free Trade Agreement with China

RIO DE JANEIRO, BRAZIL – The Minister of Economy, Paulo Guedes, said yesterday, November 13th, that Brazil needs to seek greater integration with the world and pointed out possible ways for a new performance in the global scenario, such as negotiations on a free trade area with China, one of the country’s main trading partners.

The statements were made during the opening of the NDB and Brazil Seminar: Strategic Partnership for Sustainable Development, in Brasília. The NDB is the BRICS development bank, a group formed by Brazil, Russia, India, China, and South Africa.

“We are currently discussing with China the prospect of ‘free trade’ while we are also talking about joining the OECD [Organization for Economic Cooperation and Development],” the minister said.

Guedes refrained from detailing the negotiations with the Chinese government but stressed the growing volume of trade recorded in recent years between the two countries.

“The flow of trade with China was approximately US$2 billion at the turn of the century. Today we are negotiating US$100 billion. It is our most important trading partner,” he said.

The minister also mentioned relations with India, regarded as “a global economic giant,” which still show a low trade flow with Brazil. “With China, we are very close to this trade perspective. In India, on the other hand, we are distant. We have a flow of US$3 or US$4 billion,” he said.

According to Guedes, Brazil should follow the integration models of countries in Europe and Asia that have raised the “standard of living” of its population.

“The Chinese, Indians, Malaysians, Filipinos, are all raising their standard of living. Meanwhile, Latin America and Mercosur have done the opposite: like an ostrich, we bury our heads in the ground. We remain closed. Our standard of living is getting worse,” he said.

During the NDB seminar, Guedes advocated that the change in Brazil’s stance occurs in trade, investment, and technology development in the digital world.

“The NDB is a key player in this game. We want not only the money [lent by the bank], we want the experience in the production of efficient infrastructure as China did. China has carried out extraordinary infrastructure work,” Guedes said.

According to the minister, Brazil has been isolated for 40 years and now the government intends to speed up the opening-up of the economy.

“We are going to convert 40 years into four,” he said. Guedes assured that Brazil has no interest in wars or trade tensions. “We want to be friends with everyone. We are open for business,” he added.

Source: Agência Brasil

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error