Lack of funds threatens portal facilitating foreign trade

Considered by companies as the backbone of the international trade facilitation process, and strengthening the foundations for trade openings, the Single Foreign Trade Portal has only R$ 2 million in its 2021 development budget. R$ 40 million to R$ 45 million more is needed to complete the portal, informed the Ministry of Economy.

Ironically, replacing the current import control systems with the single portal would cut government spending by R$ 100 million per year, according to the portfolio’s own estimate. In other words, the increase in costs in the very short term with the completion of the tool would be quickly compensated – and allow a surplus.

The impacts on the economy tend to be even greater. CNI (the national industry confederation) estimates that the chain of trade will advance US$ 92.1 billion between 2014 and 2040, thanks to the cut in bureaucracy provided by the portal. There was a 9% reduction in the cost of exporting by sea.

The federal government faces strong fiscal restrictions this year. The most recent estimates indicate that the current budget will break through the spending ceiling of R$ 17.6 billion. Thus, there is no room to increase expenses. New projections for revenues and expenses are expected to be released this week. They will indicate whether there is room to reinforce programs.

With fewer funds than necessary for its construction, the Single Foreign Trade Portal will only be fully implemented by the end of 2022, according to the Ministry of Economy schedule. Today, it already has 26 systems in operation. There are another 18 under development, at a cost of R$ 15 million per year.

Source: Valor Econômico

To read the full original article, access the link below:

https://valor.globo.com/brasil/noticia/2021/05/17/falta-de-verba-ameaca-portal-que-facilita-comercio-exterior.ghtml

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