Canada, Brazil Strengthen Trade Ties

The Canadian government has appointed six business leaders to take part in the new Canada-Brazil CEO Forum, which is designed to foster bilateral trade and investment.

According to the Minister of International Trade and Minister for the Asia-Pacific Gateway, Ed Fast, the Chief Executive Officers (CEO) will will help grow trade and investment ties with Brazil that will benefit Canadian businesses and workers.

The creation of the Forum was announced by Canadian Prime Minister Stephen Harper and Brazilian President Dilma Rousseff during Harper's official visit to Brazil in August, 2011. It was then that the Forum's co-chairs were unveiled, with Rick Waugh, President and Chief Executive Officer of Scotiabank, and Murilo Ferreira, Chief Executive Officer of Vale S.A., taking on the roles. Harper said at the time that the organization will nurture already deep commercial ties, and it will provide a platform for business leaders to expand commercial opportunities.

The six new Canadian appointees to the CEO Forum are: James L. Balsillie, Co-CEO, Research In Motion; Pierre Beaudoin, President and CEO, Bombardier Inc.; Tye W. Burt, CEO, Kinross Gold Corporation; Charles Cartmill, President and CEO, LED Roadway Lighting Ltd.; Ray Castelli, Chief Executive Officer, Weatherhaven; and J. Bruce Flatt, Senior Managing Partner and CEO, Brookfield Asset Management Inc.

According to Fast's department, the six participants were selected based on their ongoing interest in the Canada-Brazil commercial relationship, and commitment to strengthening the Canada-Brazil ties that will benefit businesses and workers in both countries. The Canadian Council of Chief Executives, represented by its president and CEO, John P. Manley, will also participate in the forum as secretariat to the Canadian participants. The Brazilian participants will be announced shortly.

Fast commented: “The Canada-Brazil CEO Forum will help us to identify practical ways we can grow the trade and investment ties between our countries. Both our governments look forward to hearing from the forum on a wide range of matters that will help us deepen the Canada-Brazil partnership.”

“Brazil is a neighbour in the Americas, a major global economic player and a priority market for Canada. It is important that we further develop our broad, dynamic and multi-faceted commercial relationship. Increasing and deepening trade and investment between Canada and Brazil will directly benefit Canadian workers, businesses and their families by creating jobs and prosperity and promoting economic growth, while also strengthening Canada’s competitive position within the global economy,” Fast stressed.

Co-chair Waugh added: “It is important for Canadian companies to continue to expand trade opportunities with high-growth and economically significant markets like Brazil. Canada and Brazil are linked by a history of cooperation, and this private-sector-led initiative will build on that by facilitating ongoing discussions among leading Canadian and Brazilian companies.”

In 2010, bilateral trade reached CAD5.9bn (USD5.7bn), with each accounting for a substantial portion of the others direct foreign investment. Brazil was Canada’s eighth largest foreign investor with CAD13.5bn in cumulative investment; Brazil was the 11th largest recipient of Canadian direct investment abroad, a relationship worth CAD9.7bn.

During his visit to Brazil last year, Harper also secured an Air Transport Agreement, an Agreement on Social Security and the launch of a Canada-Brazil Strategic Partnership Dialogue. For Harper, “Brazil is a major global economic player and a key priority market for Canada".

Source: Tax News