EXECUTIVE DIRECTOR OF WORLD BANK SUGGESTS A “CURE” FOR BRAZILIAN ECONOMY

Category: News, Press-release, Uncategorized

Executive Director of the World Bank Group and Canadian Minister of International Trade Diversification confirm presence at 12th edition of Doing Business in Brazil, seminar promoted by Brazil-Canada Chamber of Commerce

TORONTO, September 26th, 2018 – Covert article in The Economist current edition, the Brazilian elections in October represents a challenge for the biggest South American country, the major economy in the Mercosur trading bloc. The Executive Director of the World Bank Group, Otaviano Canuto, suggests a “cure” for Brazilian productivity and public sector “disease”. Mr. Otaviano Canuto and the Honorable Minister of International Trade Diversification, Jim Carr, will speak on October 4th at the 12th edition of Doing Business in Brazil Seminar, a traditional event with different panels promoted in Toronto by the Brazil-Canada Chamber of Commerce (BCCC).

The Brazilian market represents a strategic business opportunity for Canada in a moment of global trade tension. The South American country is the broader economy of Mercosur, a trading bloc that on March 9th, 2018, launched with Canada negotiations towards a comprehensive Free Trade Agreement (FTA). According to the Canadian government, the ongoing talks could potentially reduce the tariffs of up to 35% that are currently applied by Mercosur to Canadian forestry, automotive, and chemical-plastic products. In 2017, Canada and Mercosur exchanged $ 8.9 billion in trade.

Otaviano Canuto considers the aftermath of Brazilian elections an opportunity: “The Brazilian economy is suffering from a combination of ‘productivity anemia’ and ‘public sector obesity.’ The crisis, followed by slow recovery in recent years, reflects the advanced stage of evolution of the disease, preceded by an incubation period during which its symptoms were disguised. Improving productivity performance, reforms in the governance model of the Brazilian public sector, and a review of public spending might cure the disease that is afflicting the Brazilian economy.”

Besides the potential of the Canada-Mercosur FTA and the aftermath Brazilian elections, the Doing Business in Brazil 2018 will discuss the Canadian Perspective on trade and investments in Brazil, how inclusive companies are of women in trade, and strategies & practical steps to enter the Brazilian market.

When: October 4th, 2018 | 12:45 pm – 5:30 pm

Where: Goodmans LLP – 333 Bay Street, suite 3400 | Toronto, Ontario

About BCCC

Established in 1973, Brazil-Canada Chamber of Commerce (BCCC) is a not-for-profit and independent business association held by the private sector with a primary objective of fostering stronger commercial relations between Brazil and Canada.

Led by a volunteer Board of Directors, President and Vice-President, comprised of renowned industry leaders and experts in conducting business between Brazil and Canada, BCCC plays a vital role in linking players from Brazilian and Canadian private and government sectors facilitating dialogue between both parties and assisting members in identifying key opportunities to expand their activities and further their business interests.

For more information, please contact:
Carolina Albernaz
Director, Business Development & Operations
(416) 646 6770 | (416) 722 1243 | calbernaz@brazcanchamber.org | info@brazcanchamber.org
www.brazcanchamber.org