(MENAFN) Brazil's ambassador, Rodrigo Baena Soares, stated on Monday that the Western sanctions targeting Russia's economy have created a "window of opportunity" for Brazil.
He noted that despite the challenges posed by the sanctions, businesses in both nations have adjusted and overcome difficulties. While acknowledging logistical and supply challenges, the diplomat remains optimistic about the prospects for cooperation between Russia and Brazil, seeing no major obstacles in their collaboration.
“Of course, the sanctions regime imposed against Russia has created a number of problems not only for Brazil but also for many countries and raised the question of payment, logistics, and insurance systems. Insurance today is much more expensive than it used to be. Accordingly, the products will become more expensive,” Soares stressed.
In the previous year, Russia ascended to become Brazil's fifth-largest foreign trade partner, a notable advancement from the eleventh position in 2021, indicating auspicious bilateral relations, as per the ambassador. Trade data reveals that the overall trade volume between the two nations amounted to USD 2.2 billion in the initial quarter of the current year.
Unlike some Western nations, Brazil has refrained from imposing sanctions on Moscow, contributing to the positive atmosphere in their relations. The envoy expressed optimism about expanding cooperation beyond commodity trade, particularly in the realm of industrial technology.
Soares emphasized Brazil's readiness to enhance exports of industrial goods to Russia, citing mechanical engineering, equipment, and agricultural services as potential areas of collaboration. These matters are currently under discussion with Russian entrepreneurs.
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