Trade between Russia and Brazil has surged to record volumes as the BRICS countries continue to expand economic ties with each other, Brazilian Ambassador to Russia Rodrigo de Lima Baena Soares has said.
Speaking on Wednesday at a panel discussion on the sidelines of the St. Petersburg International Economic Forum (SPIEF), Soares noted the positive trade and investment dynamics between the two countries.
“Russia has become a strategic partner for Brazil … we observe complementarity of our economic lines,” the Brazilian envoy stated.
“Speaking about our bilateral trade, we have very positive results. Our trade relationship is stronger than ever, it has crossed the $11 billion mark,” Soares said.
He noted that the countries expect the value of bilateral trade to reach $12 billion this year. In 2022, Russia became Brazil’s fifth largest foreign trade partner, up from 11th in 2021.
Trade in commodities has been on the rise, according to Soares, who said Russia supplies Brazil with huge amounts of fertilizers, thanks to which the Latin American nation’s agricultural sector is thriving.
“We invite all representatives of the business communities, both from Russia and Brazil, to join forces so that we could continue to develop our relations. We would like Brazilian companies to expand in the Russian market, and vice versa, so that we could achieve synergy,” the ambassador concluded.
SPIEF 2024 kicked off on Wednesday, with thousands of participants expected for the annual three-day event. This year, the forum will bring together delegates from 136 countries, including China, India, Brazil, Kazakhstan, Azerbaijan, Venezuela and Abkhazia.