Brazil’s goal: Mideast FTAs

Brazil’s goal: Mideast FTAs

Israel is the first country outside of South America to sign a free trade agreement with the Mercosur bloc. And Jordan could be next.

March 19, 2010 5:07 by Katherine Azmeh

Other discussions between the two leaders focused on projects in alternative energy, industry, water and agriculture, according to a report today in Jordan Times. In a gesture aimed at further deepening diplomatic ties, the two nations agreed to cancel the visa requirements for diplomatic and private passport holders.

Trade between the GCC and Brazil is increasingly vigorous, despite previous failures over free trade agreements with Mercosur. Brazilian contribution to Mercosur far outweighs that of the other three members, and failure to sign FTAs has not stemmed robust growth in trade volume between Brazil and the GCC.

Trade in construction materials and food and beverage industries between Brazil and the GCC is especially strong, and has seen significant growth in the last five years. Industry analysts estimate trade volume between Brazil and the GCC hit $6.3 billion in 2009 – an increase of more than 250 percent since 2001.

“Brazil’s vast natural resources and an immense industrial park, with high tech centers, enable the country to consistently deliver high-quality and competitively priced export products all over the world, particularly in the area of construction and food & beverage, which are two very important sectors in the Middle East,” according to organizers of Brazil Trade 2010, a professional exposition scheduled for May.

Billed as a “business-to-business matchmaking event,” the expo will gather major importers from Saudi Arabia, Qatar, Bahrain, Kuwait, Oman, Jordan, Syria and Lebanon to network with Brazilian exporters.

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Tags: Brazil, Free Trade Agreement, gcc, israel, Jordan, Mercosur, Middle East