3rd UK-Brazil Economic and Financial Dialogue bolsters ties with Brazil
The Chancellor progressed the UK鈥檚 shared agenda with Brazil on green finance, tax and infrastructure at the third UK-Brazil Economic and Financial Dialogue.
The Chancellor, Philip Hammond progressed the UK鈥檚 shared agenda with Brazil on green finance, tax and infrastructure at the third UK-Brazil Economic and Financial Dialogue today (8 August 2018).
Welcoming Brazilian Finance Minister Eduardo Guardia to London, the Chancellor used the Economic and Financial Dialogue (EFD) to strengthen the UK鈥檚 partnership with Latin America鈥檚 biggest economy, Brazil.
Over 1,200 jobs were created last year through Brazilian investment in the UK, which represented almost 拢100 million of investment into the UK economy.
Through the EFD, the UK is deepening co-operation with Brazil on financial services, green finance and tax, to maximise future trade opportunities, as well as build collaboration on infrastructure and further support Brazil鈥檚 application to join the OECD.
Chancellor of the Exchequer, Philip Hammond said:
Brazil is our top trading partner in Latin America, with our trade in goods and services worth 拢5.6 billion. The meetings today reinforced the strong ties that already exist between our two nations and I鈥檓 pleased that good progress was made towards our shared ambitions on taxation, green finance and infrastructure.
Britain is an outward facing nation and I want to build on the success of our relationship with Brazil and other nations as we prepare to leave the EU.
Finance Minister Eduardo Guardia said:
The UK is a key and natural partner for Brazil, and in the meetings today we had the chance to advance our cooperation in green finance and infrastructure, at a time when we are striving to make Brazil a more open economy.
I am pleased to have had the opportunity to strengthen this bilateral and multilateral partnership, one which will mutually benefit both countries.
罢辞诲补测鈥檚 EFD presented further opportunities for the UK and Brazil to work together. Outcomes from today鈥檚 dialogue include:
- reaffirming the UK鈥檚 support for Brazil鈥檚 potential OECD accession
- progressing discussions over a potential Double Taxation Agreement between the UK and Brazil that facilitates trade, investment and helps prevent tax avoidance and evasion, following further work on technical and policy issues
- continuing to pursue reforms that increase market access for the financial services sector. This includes further supporting UK companies to operate in Brazilian financial markets, including in reinsurance and asset management
- further enhancing our collaboration on infrastructure, including financing through both the G20 and the private sector, and through the UK-Brazil Infrastructure and Capital Markets Task Force
- confirm our commitment to explore ways to deepen UK-Brazil trade and improve the business environment for firms from both countries