The ASEAN Committee in Brasilia (ACB) and the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) recently held an online meeting aimed at discussing future trade and business co-operation opportunities and ways to develop further economic ties between Brazil and both ASEAN and the nation.

Vietnam has become Brazil's largest partner in ASEAN, with last year's bilateral
import-export turnover reaching approximately US$5 billion.

Ambassadors of ASEAN member states joined with Sergio Segovia, president of Apex-Brasil, for the meeting. At present, the Vietnam Embassy in Brazil is the Vice Chairman of the ACB Council.

Upon addressing the meeting, Segovia stressed that ASEAN remains Brazil's third largest regional partner and congratulated the bloc on the signing of the Regional Comprehensive Economic Partnership (RCEP).

He provided an introduction about joint ties, as well as solutions it is in the process of applying to carry out functions and duties relating to promoting trade and investment in Brazil amid the novel coronavirus (COVID-19) pandemic, a factor that has forced direct trade promotion activities to be canceled.

In terms of ASEAN’s perspective, 2022 has seen Apex-Brasil set up trade links with businesses throughout the region, whilst also organising online seminars relating to food, beverages, and information technology.

Simultaneously, Apex-Brasil published market research reports, including a report detailing the Vietnamese market, with a specific focus on the food and beverage industry following a delegation from Apex-Brasil visiting the nation in late 2019.

This indicates that the agency, along with Brazilian firms, remain interested in developing ties with the Vietnamese market. Through this report, enterprises from the South American country have gained useful information on the Vietnamese market.

Looking ahead to 2021, Apex-Brasil is poised to carry out a wide range of activities, such as participating in trade fairs, online seminars, and roadshows, with the specific aim of opening the market to Brazilian companies.

The country has developed into Brazil's largest partner in ASEAN, with last year's bilateral import-export turnover reaching approximately US$5 billion.

In contrast, Brazil also represents the country’s largest trading partner in Latin America. The two economies are complementary and have plenty of potential for stronger growth.

Furthermore, Vietnam has also introduced its investment attraction policy to Brazil, suggesting that Brazilian investors should consider key investment incentives, such as logistics, pharmaceuticals, and information technology, garments and textiles, agriculture and biofuel, all of which are sectors the country has a development strategy for.      

The Vietnamese Embassy in Brazil also asked Apex-Brasil leaders to consider signing a co-operation agreement with the Vietnam Trade Promotion Agency to boost trading ties between the two countries.

As a means of creating a competitive advantage for goods from both sides, based on their functions and duties, the two agencies must consult various government agencies to facilitate bilateral imports and exports moving forward, the embassy said.