Brazil backs Viet Nam-MERCOSUR FTA negotiations

During his phone conversation with Brazilian Minister of Foreign Affairs Mauro Vieira held on August 27, Nguyen said, the FTA will create opportunities for businesses from both sides to diversify export markets and sources of supply, while strengthening their positions in the global supply chain.

In particular, the signing of the agreement will not only bring concrete economic benefits to the relevant parties but also serve as evidence of mutual trust and a commitment to promoting sustainable trade between the regions, noted Nguyen.

He proposed that the two sides hold their first meeting in early September to announce the launch of negotiations and organize the first round of negotiaitons at the earliest time.

Vieira, for his part, said that he would present the proposal on FTA negotiations at the upcoming MERCOSUR meeting in September.

The signing of the FTA would pave the way for both countries' businesses, particularly in areas such as agricultural products, processing industries, and consumer goods, reiterted the Brazilian minister.

Brazil is committed to supporting and coordinating with other MERCOSUR member states to advance internal procedures toward the launch of official negotiations during Brazil's rotating presidency of MERCOSUR in the second half of this year, shared the official.

The two sides vowed to hold a meeting soon to discuss the roadmap for launching FTA negotiations and the technical mechanisms related to promoting the development of bilateral economic and trade relations.

Brazil is currently Viet Nam's second-largest trading partner in the Americas after the U.S. and the biggest trading partner in Latin America.

In 2024, the two-way trade reached a new record of US$8 billion, a year-on-year increase of 12.2 percent, according to the Vietnamese Ministry of Industry and Trade./.