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Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Canada Pushing for Increased Trade with Brazil

Monday, July 16, 2007 > 09:23:26
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(Source: Globe and Mail via I.E. Canada Daily e-news Bulletin: July 11, 2007)


Canada wants to double trade with Brazil by 2012, tightening links in sectors ranging from agriculture and mining to air transportation and biofuels, Governor-General Michaëlle Jean said Tuesday.


“We are delighted with the vitality of trade relations between our two countries and we are going to continue building on this potential in the years to come,” Ms. Jean told Canadian and Brazilian business executives in Sao Paulo, Brazil's financial and industrial heart.


Trade between the two countries hit $3.7-billion last year, Brazil's Agencia Estado news agency reported.


Ms. Jean is on a seven-day visit to Latin America's largest country and is scheduled to meet with Brazilian President Luiz Inacio Lula da Silva on Wednesday.


Brazil is Canada's third-largest export market in the Americas and Ms. Jean called the country Canada's “most important trading partner in South America.”


Brazil has also ramped up investment in Canada, most notably with last year's blockbuster $18-million purchase of Canadian nickel miner Inco Ltd. by Brazilian iron ore miner Companhia Vale do Rio Doce SA , which turned CVRD into the world's No. 2 miner after Anglo-Australian BHP Billiton Ltd.


Ms. Jean didn't mention the deal by name but made a point of telling the Brazilians listening to her speech: “The determination with which you invest will encourage us to be as daring in Brazil.”


Between 2002 and 2006, Brazilian exports to Canada jumped by 190 per cent, while Canadian exports to Brazil rose by 61 per cent, Agencia Estado said.


Sectors that with the biggest potential for growth between Brazil and Canada include automobile motors and parts, tires, airplanes, electric motors, pumps and compressors, flooring and ceramics, furniture, shoes, sugar and cocoa products.


Ms. Jean will close her visit to Brazil by attending the opening ceremony of the Pan American Games in Rio de Janeiro on Friday.


About 5,500 athletes from 42 countries across the hemisphere are expected to attend the July 13-29 games, as well as 2,000 delegation members, 3,000 journalists and 15,000 volunteers.


Brazil and Canada are expected to vie for third place in the overall standings. The United States is expected to win the medal count, while Cuba is expected to come in second.

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