The first UK-Brazil Economic and Financial Dialogue (EFD) is to be hosted in London on the 29th October, announced the Chancellor of the Exchequer, George Osborne – presenting an opportunity to deepen ties between the UK and Brazilian economies, including discussing both infrastructure and financial services.
Speaking at the IMF Annual Meetings in Lima, the Chancellor said “The UK has in the past neglected its ties with Latin America. That has now started to change. I want to see a much stronger economic relationship with Brazil.”
The UK has strong propositions in areas of growing demand in Brazil, including high-end consumer goods, healthcare, tourism and education. Britain exports to Brazil have grown by more than 50% since 2009 and the EFD will help to boost trade even further.
“We have an economic and financial dialogue with China and India. Now we’re adding Brazil. It’s an important upgrade in our relationship.” stated Osborne. “I look forward to discussing what we can do together to improve infrastructure, support finance and enhance investment.”
UK – Brazil Relations Information
- UK exports to Brazil rose by more than 50% between 2009 and 2013.
- Trade with Brazil in 2013 reached £7 billion. Exports from the UK to Brazil accounted for £4 billion.
- The fourth largest investor in Brazil is now the UK amounting to over 7% of the total stock of FDI.
- UK’s outward investment stock in Brazil amounted to £11.3 billion in 2013.
- Total stock of Brazilian FDI in the UK in 2013 was $2.8 billion.
- Brazil is the world’s seventh largest economy, and has a population of over 200 million people.
- Brazil is the biggest economy in Latin America, accounting for over a third of the region’s GDP in 2014.