After the inaugural meeting of the Brazil-Singapore Joint Committee on Promoting Trade and Investment, both sides reaffirmed the benefits of improving the trade and investment framework between them, to encourage greater bilateral business.
The meeting between Brazil’s Ministry of Development, Industry and Foreign Trade of Brazil and the Ministry of Trade and Industry of Singapore was based on the memorandum of understanding signed with Brazil last November.
Both sides welcomed the substantial increase in trade and investment between the two countries in the last few years and, recognizing the huge potential in trade and investment between the two countries, acknowledged the importance of the Joint Committee in promoting bilateral economic relations.
In setting out the objectives of the Joint Committee, it was agreed that it would serve as the over-arching structure to oversee, guide and facilitate economic cooperation between Brazil and Singapore. This would be done through strengthening cooperation among official institutions to create a framework for the promotion of bilateral trade and investment.
Singapore welcomed Brazilian exporters to use Singapore as a regional trading hub for the distribution and re-export of their products to the region, especially in the sectors of natural resources and food. International Enterprise Singapore invited the Brazilian Trade and Investment Promotion Agency to consider favorably the setting-up of a business center for Asia in Singapore to further promote bilateral trade.
Above all, both sides reaffirmed the benefits of improving the trade and investment environment to encourage greater bilateral business flows. In this regard, Singapore emphasized the importance of putting in place the necessary government-to-government structures, such as a bilateral investment guarantee agreement and double taxation agreement to create a proper business environment.
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