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Cultural Agreement Between Canada And Brazil

By on December 6, 2020 in Uncategorized

In summary, after the discussion began in 2010, only three meetings were held between Mercosur and Canada. Today, Mercosur`s position has been more favourable to the agreement since the previous event in 2012. Since then, Brazil has implemented strategies to boost economic growth, with results expected to be available in 2017-18. A striking measure is the National Export Plan (NTP), launched in 2015, with the aim of bridging the gap between Brazil`s economic size and its export volume – in other words, promoting Brazil`s export culture. Indeed, the flow of goods and investment has grown significantly by more than 25% between countries over the past ten years. Brazil and Canada have developed and improved their economic relations over the years, particularly in recent years, by strengthening ties and increasing flows of goods and services. The resulting relationship is a strong and dynamic partnership. In addition, the figures confirm their strong links: over the past ten years, trade between these countries has increased by more than 25%. Brazil is Canada`s third largest trading partner in North and South America, after the United States and Mexico.

Trade in goods between Canada and Brazil was $7.7 billion in 2019. Canada`s top exports of goods to Brazil include fertilizers (45.4%), machinery and parts (11.8%), mineral fuels and oils (7.1%) as well as aircraft and parts (5.9%). Canada`s main imports of products from Brazil are inorganic chemicals (27.1%), precious stones and metals (23.5%), machinery (7.7%) Steel (4.7%). Two-way services trade was $1.4 billion in 2019. Strong security and defence relations between Canada and Brazil have been established through United Nations peacekeeping cooperation and the promotion of women`s, peace and security policies. Given Brazil`s importance as a regional player, strong service ties and a growing role in regional peace support operations, Brazil is an important partner in the hemisphere for the Department of National Defence and the Canadian Armed Forces. The product benefits of a free trade agreement between Mercosur and Canada can be very significant. It is estimated that tariff reductions would benefit 30% of Canadian exports, which would generate interest in various industrial sectors such as automotive, transportation equipment and some traditional sectors.

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