According to Yonhap News,

The Ministry of Trade, Industry and Energy (MOTIE) announced that it signed the “Korea-Brazil Trade and Investment Promotion Framework,” or TIPF and held the first TIPF committee at the Four Seasons Hotel in Jongno-gu, Seoul on November 24, attended by Korean Trade Minister Ahn Duk-geun and Brazil’s Vice Minister of Development, Industry, Commerce and Services Marcio Elias Rosa.

The MOTIE is focusing on TIPF as a response to recent changes in the global trade environment.

TIPF aims to expand mutually beneficial economic cooperation, encompassing emerging trade issues such as supply chain, green, digital, and bio. Unlike free trade agreements (FTAs), it seeks to deepen practical industrial relations, excluding tariff negotiations.

Brazil is the 12th country to sign a TIPF with Korea.

Starting off with the United Arab Emirates in January this year, Korea also signed TIPFs with the Dominican Republic, Hungary, Bahrain, Poland, Madagascar, Uzbekistan, Finland, Ethiopia, Kazakhstan and Qatar.

The two plan to hold an annual meeting for the TIPF committee to discover specific cooperative projects in the industry, trade, and energy sectors as well as resolve difficulties shared by the two countries' companies aiming to enter the overseas market.

“We will deepen the economic partnership with Brazil by actively discovering and promoting diverse cooperation projects via TIPF,” Minister Ahn said.

Brazil has the world’s seventh largest population with over 215 million people as of last year.

It is the largest market in South America with USD 1.92 trillion GDP (11th in the world),and rich in natural resources, including nickel, lithium, rare earth minerals and graphite. Brazil became the first South American country to establish diplomatic relations with Korea in 1959.

Brazil recently announced the "New Growth Acceleration Program" (Novo PAC), investing USD 341 billion over the next four years, as part of its new industrialization policy.

In addition, with Brazil scheduled to host the 19th G20 Summit in November next year, it is expected that exchanges and cooperation between the two countries will further deepen.


wise@yna.co.kr
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Source: Yonhap News (November 24, 2023)

** This article was translated from Korean.