KUALA LUMPUR, May 25 ― Malaysia and Brazil will continue to focus on expanding bilateral trade and investment ties.
This is alongside the possibility of having a free trade agreement between Malaysia and Mercosur, an economic and political bloc comprising Argentina, Brazil, Paraguay and Uruguay.
The Ministry of International Trade and Industry (Miti) in a statement here today said, this was discussed during a courtesy call on Brazilian President Jair Bolsonaro, by its minister, Datuk Darell Leiking.
He is currently leading a trade and investment mission to three South American countries, including Brazil.
Besides Bolsonaro, Darell also met with the country’s acting Ministers of Foreign Affairs and Economy.
The meetings, among others, acknowledged the importance of the Malaysia-Brazil Joint Trade Commission, as a structured platform to facilitate the implementation of the bilateral trade agreement and agreed to convene its inaugural ministerial meeting soon.
According to Miti, Darell also explored the prospects of smart agriculture in palm oil plantations as well as technical cooperation in green corn with senior officials from Brazil’s State of Pará.
In 2018, Malaysia-Brazil bilateral trade was valued at RM11.57 billion (US$2.87 billion).
Exports to Brazil recorded RM3.64 billion (US$0.90 billion), while imports from the country was at RM7.93 billion (US$1.96 billion).
Electrical & electronic products, rubber products, chemicals & chemical products, palm oil-based manufactured products, machinery, equipment & parts contributed 77 per cent of Malaysia’s exports to Brazil.
Imports comprised metalliferous ores and metal scrap, while other agriculture and processed food contributed 82 per cent.
Brazilian companies in Malaysia are involved in food manufacturing, rubber products and transport equipment, as well as the regional distribution of iron ore.
Malaysian investments in Brazil encompass medical devices, transportation as well as the oil and gas sector. ― Bernama