According to diplomatic sources, Brazil aims to deepen trade relations with Bangladesh because it will soon become a middle income country.
Brazil's President Luiz Inácio Lula da Silva has recently resolved to strengthen multilateral ties, particularly in trade and investment with South Asian countries.
A high-level trade delegation from the Latin American country is visiting Dhaka this week as part of that plan, with the goal of strengthening bilateral trade with Bangladesh.
Anirban Aftab of INN Group, Felipe Luis Ody Spaniol of CNA (National Confederation of Agriculture), Lui Renato de Alcantara Rua of ABPA (Brazilian Poultry, Swine and Fish Association), and Juliano Leonidas Hoffmann of ABRA (Associacao Brasileira de Reciclagem Animal) make up the Brazilian delegation.
The team also includes Marcelo Duarte Monteiro of ABRAPA (Brazilian Cotton Growers Association), Rodrigo Gedeon of Apex Brasil and Ambassador Alex Giacomelli of the Foreign Ministry of Brazil.
Earlier, Bangladesh Ambassador to Brazil, Sadia Faizunnesa stated in a letter to the Foreign Ministry that the group will visit Bangladesh as Brazil's President Luiz Inasio Lula Da Silva seeks to boost trade with Bangladesh.
Meanwhile, on Thursday, the Embassy of Brazil in Dhaka, in collaboration with the Ministry of Foreign Affairs of Brazil, the Department of Trade Promotion, Investment Attraction (DPRA), and Agribusiness in Brazil (Apex-Brazil), and the Brazil-Bangladesh Chamber of Commerce and Industry (BBCCI), will hold a daylong conference titled Brazil-Bangladesh Trade Conference.
Commerce Minister of Bangladesh Tipu Munshi is expected to remain present as the chief guest at the seminar and Commerce Secretary Tapan Kanti Ghosh, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin and leading business leaders are expected to attend the seminar.
Sources also said, citing Brazilian Ambassador to Bangladesh Paulo Fernandos Dias Feres that Brazil will leave no stone unturned to increase trade relations with Bangladesh.
Bangladesh's economy has been growing steadily over the years and the country has contained Covid-19 successfully.
Bangladesh is now the 41st largest economy in the world, according to new data from the International Monetary Fund (IMF).
Moreover, Brazil is the fourth largest cotton producer and second top exporter while Bangladesh is the second largest cotton importer in the world and second largest apparel exporter.
Brazil is also looking at expanding its consumer market in Bangladesh. Brazil was the eighth largest import source of Bangladesh in the 2021-22 fiscal year with imports recorded at $2.25 billion (3.00% of total imports).
Bangladesh and Brazil have increased their engagement in multilateral sectors, especially in trade and investment as the bilateral trade between the two countries marked a higher growth in recent times.
The Brazilian export basket mainly consisted of cane or beet sugar, sucrose, cotton, soybeans etc.
In the 2021-22 fiscal year, Bangladesh exported goods valued at $109.20 million to Brazil and the main exported goods were jerseys, pullovers, cardigans, waistcoats and other readymade garment items.
Sources said that the Foreign Ministry and Commerce Ministry have been asked by the highest echelons of the government to step up efforts for signing the Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA) with Brazil and three other Mercosur countries - Argentina, Paraguay and Uruguay.
In addition, officials concerned have been asked to bolster agriculture cooperation between Bangladesh and Brazil.
The Bangladesh government is actively negotiating with Mercosur countries for access to their market which could take Bangladesh's overall exports to new heights.
According to stakeholders, signing of FTA or PTA with Brazil and Mercosur countries is of high importance for Bangladesh's export expansion.