Brazil to sign trade agreement with Asian country leader in wealth

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By the end of the year, Mercosur, led by Brazil, should conclude a free trade agreement with Singapore, a country that has the third largest GDP per capita in purchasing power parity in the world and is one of the largest export centers in Asia, with the fifth largest global port. Brazil’s trade with Singapore has been increasing significantly. In 2020, the country occupied 12th place in the ranking of the main destinations for Brazilian exports. This year, it has already moved to the 8th position, ahead of countries like Germany and Mexico.

“The agreement should represent an increase in trade with Singapore and an important gateway for Brazilian products between Asian countries,” said Pedro Miguel da Costa e Silva, Secretary for Bilateral and Regional Negotiations in the Americas at the Ministry of Foreign Affairs, in an exclusive interview with EXAME.

Negotiations have been taking place for at least two years and should proceed towards the formal signing of the agreement by the end of the year, according to Itamaraty.

Currently, Brazil exports mainly manufactured products to Singapore, such as fuel oil from petroleum or minerals, which account for 60% of exports. Next, crude oils or mineral oils stand out (16% of sales). Chicken, pork and beef also play an important role in exports.