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<p>There is a clear potential for UK companies in Brazil with the world’s 5th largest
population and the 9th largest economy (by GDP).</p><p> </p><p>Total UK-Brazil trade
reached £5.5 billion in 2017. Brazil is the largest destination of UK exports and
the largest receiver of UK investment in Latin America. The new Bolsonaro government
has stated ambitions around economic reform and leaving the EU will allow the UK to
take advantage of the growing parts of the world economy, including South America.
UK Export Finance has significant capacity to support UK exports to Brazil.</p><p>
</p><p>My Rt Hon Friend for Hertford and Stortford (Mark Prisk MP) was appointed as
the Prime Minister’s Trade Envoy to Brazil in 2016 to promote further bilateral trade
and investment. The UK and Brazil also have a number of bilateral dialogues including
the Joint Economic and Trade Committee (JETCO). During the 10th edition held in London
last year, chaired by my Rt Hon Friend the Secretary of State for International Trade,
Brazil and the UK reaffirmed their commitment to exploring means to deepen future
UK-Brazil trade and investment relations. This has been formalised through the Joint
Trade Review, examining the business environment and market access issues so as to
identify ways to increase opportunities for firms from both countries. Last year,
the Secretary of State also appointed the first HM Trade Commissioner to Latin America,
responsible for championing trade between the UK and Latin America.</p>
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