The Chancellor has today (9 October 2015) announced that he will host Brazilian Finance Minister Joaquim Levy in London for the inaugural UK-Brazil Economic and Financial Dialogue on 29 October.
The first UK-Brazil Economic and Financial Dialogue (EFD) will present an opportunity to deepen ties between the UK and Brazilian economies, including discussing both infrastructure and financial services.
The UK has strong propositions in areas of growing demand in Brazil, including high-end consumer goods, healthcare, tourism and education. UK exports to Brazil have grown by more than 50% since 2009 and the EFD will help to boost trade even further.
Speaking at the IMF Annual Meetings in Lima, Chancellor of the Exchequer George Osborne 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.
We have an economic and financial dialogue with China and India. Now we’re adding Brazil. It’s an important upgrade in our relationship.
I look forward to discussing what we can do together to improve infrastructure, support finance and enhance investment.
- 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
- UK is the fourth largest investor in Brazil 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
- total trade with Brazil reached £7 billion in 2013, with £4 billion of exports from the UK to Brazil
- exports from the UK to Brazil increased by more than 50% between 2009 and 2013