Addressing trade imbalance high on agenda for Brazil mission

With Brazilian imports totalling some $1.7 billion and SA exports to Brazil $1 billion, there is no doubt that the time to increase trade between the two countries has arrived. So said Allesandro Teixeira, President of Apex-Brasil, the Brazilian Trade and Investment Promotion Agency that hosted the Brasil Trade Mission to Africa 2009 at the Sandton Convention Centre last week. Designed to facilitate trade between local importers and Brazilian exporters by providing importers with the opportunity to establish and explore business opportunities with their Brazilian counterparts, hundreds of faceto- face meetings took place over the three-day mission. According to Teixeira, South Africa and Africa are important trading partners for Brazil, which has since 2003 strategically started to diversify its trade partners. “Our countries still have much to learn from each other, but there is also a lot of opportunity. Currently we export around $1.7 billion per annum to South Africa and SA imports about $1 billion to Brazil. We want to address this imbalance and buy more from South Africa.” But, said Teixeira, trade between the two countries could be increased dramatically in coming years. “Brazil has developed excellent technology in many sectors, in social and economic climates not unlike those in Africa. We are in a position to share these insights with South Africa and the rest of the continent. Similarly, South African and African businesses have much to offer us. In order to capitalise on these opportunities, especially during these trying economic times, we need to first share information as to the prospects available and then look at how best to take advantage of them. Apex-Brasil is committed to strengthening trade relations between Brazil, South Africa and Africa,” says Teixeira. And with Brazil’s economic growth a definitive success story among developing countries – it is now the fourth largest destination for Foreign Direct Investment among emerging markets, boasting a GDP of US$1.8-trillion in 2007. South Africa can only benefit from increased trade.