Brazil sees BRICS as platform to expand industrial exports

The federal government views the BRICS as a strategic platform for Brazil to boost exports of value-added products, particularly industrial goods. Leaders from the BRICS nations will convene at a summit in Kazan, Russia, from Tuesday (22) to Thursday (24), where these economic opportunities will be a central focus.

Officials believe that exporting manufactured products to countries in the Global South presents a more viable option than targeting markets in the U.S. or Europe, where industrial production chains are well-established, and demand for such goods isn’t seeing rapid growth.

In an interview with CNN, Uallace Moreira, Brazil’s Secretary of Industrial Development at the Ministry of Development, Industry, and Trade (MDIC), underscored the potential for growth in China and India, two BRICS nations that are among the fastest-growing economies globally. He emphasized that these countries represent significant opportunities for Brazilian exports of higher-value goods.

“These are vast markets where Brazil can successfully export its industrial products. I see BRICS, along with other key partners, as important platforms for Brazil to expand its market share and export more value-added products,” said Moreira.

This optimism aligns with a broader trend of new emerging economies seeking membership in BRICS. In 2023, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia joined the group, and several other nations have expressed interest in joining.

While expanding BRICS membership opens new channels for dialogue and cooperation, it also raises concerns about diluting existing relationships within the group. Moreira suggests that the admission of new members should be evaluated on a “case-by-case” basis to ensure the continued strengthening of South-South relations.

Source: CNN Brasil

Original text available at: https://www.cnnbrasil.com.br/economia/macroeconomia/governo-ve-brics-como-caminho-para-expandir-exportacoes-industriais/

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