Bucharest to host first edition of Romania-Brazil Business Forum

 The first edition of the Romania-Brazil Business Forum organised by the Brazilian Embassy in Bucharest will take place on Wednesday, May 29, according to the Bucharest Chamber of Commerce and Industry (CCIB).The forum focuses on entrepreneurship in Brazil and Romania.Brazil is the largest country in South America in terms of land size, population and economy. In its turn, Romania is the 12th largest economy in the EU. Despite this, according to the National Institute of Statistics (INS), trade with Brazil accounted last year for only 1.65% of Romania's trade with non-European countries and less than 1% of trade with non-EU countries.Romania imports from Brazil mainly raw materials and semi-finished products, especially soybean residues (used as animal feed), sugar, crude oil, coffee, tobacco, beef and construction materials.Romania's exports to Brazil consist of products with higher added value, especially automotive components, beverages, medicines and IT services."The current negotiations on a free trade agreement between Mercosur (Brazil, Argentina, Uruguay and Paraguay) and the EU will mark a new era between the two regions with clear common values. This region-to-region agreement, once signed, will represent more than mere trade concessions; it will be a testament to our commitments to doing business and developing together," according to Brazil's ambassador in Bucharest.The first edition of the Brazil-Romania Business Forum is said to ask a key question for the relationship between the two countries: what can be done in the coming years to improve bilateral trade and investment ties between Romania and Brazil?Bilateral trade has hovered around an average of USD 750 million in recent years, but these figures from Brazilian sources do not yet reflect the full potential of trade ties between Brazil and Romania.What the May 29 event is said to expect in terms of strengthening and promoting the strategic partnership between the two countries is establishing a more comprehensive trade dynamic, supporting the bilateral business environment, promoting partnerships between Brazilian and Romanian companies, creating a platform for regular trade forums in the future, intensifying and diversifying bilateral trade.Last but not least, the Brazil-Romania Business Forum will serve as a platform linking the two economies, encouraging trade and sustainable investment to the benefit of both countries.