UK trade with Brazil set to boom in coming years, says Foreign Secretary

The UK's Foreign Secretary, William Hague, has predicted a boom in trading between the UK and Brazil, stating that possibilities for growth are "almost limitless."

The UK's Foreign Secretary, William Hague, has predicted a boom in trading between the UK and Brazil, stating that possibilities for growth are "almost limitless."Brazil's economy has enjoyed much success in recent years, following a series of economic reforms in the 1990s. Last month, it overtook the UK to become the world's sixth-largest economy.Speaking on the BBC's The World Tonight show, Mr Hague spoke of the potential for growth in the Brazil economy: "There are huge opportunities in Brazil. Our target is to double our trade within five years, from 2010 to 2015, and there has been a strong increase.Mr Hague noted that the increase in trade had occurred in many sectors, from manufacturing to pharmaceuticals. He also highlighted the demand in Brazil for British-built military vehicles, and the potential for cooperation in the run-up to the 2016 Olympic games: "There are a lot of British firms getting involved in the Rio Olympics. We obviously have a lot of expertise now in that area."The Foreign Secretary admitted that competition between foreign businesses was becoming stiffer in Brazil, with the USA and China expanding their investments in the country. He underlined the vital role of the government's role in "opening opportunities and drawing attention to these opportunities."Said Mr Hague, "We are determined to compete. We had 14 ministerial visits to Brazil last year, whereas there were only ten in the previous three years put together. With a country like Brazil, which shares so many of our values, that is based on a free enterprise system, the opportunity is particularly large."In the Spring 2012 issue of Re:locate magazine (out March), we'll examine mobility in the context of Brazil's phenomenal growth.If you are operating in Brazil, have an interesting case study or would like to contribute to our coverage in the magazine, and the Brazil section on the website please contact Jack Lang by email editorial@relocatemagazine.com

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