Russia and Brazil on course to boost mutual trade – official

Turnover between the two BRICS member states reached a record high last year, Foreign Minister Mauro Vieira says

Brazil is looking forward to scaling up its trade with Russia, Foreign Minister Mauro Vieira said in an interview with RIA Novosti published earlier this week.

The senior official hailed last year’s growth in trade turnover between the two countries, and said he sees potential to boost it further.

“It is necessary to make progress in trade relations, which have great potential for growth. In 2022, we set a new record in our trade turnover, approaching the $10 billion mark, but it can grow even more,” Vieira stated.

According to the minister, the Brazilian government is working on ways to diversify mutual trade, which largely encompasses fertilizers and agricultural products currently, with high value-added products. He noted that he also sees potential for cooperation with Russia on projects in science, technology, and innovation, as well as education and culture.

READ MORE: Russia ramps up fuel supply to Latin America – Reuters

According to Vieira, Brazil is interested in the possibility of using local currencies in trade with Russia and other global partners in order to reduce dependence on the US dollar and euro. The Brazilian government is currently in talks over the issue with its partners in the BRICS group of nations, particularly with Russia and China.

Earlier this year, Brasilia signed an agreement on trade in mutual currencies with Beijing, abandoning the US dollar as an intermediary.

Find more stories on economy and finance in TROIB business