Brazil is projecting to reach US$10 billion in trade transactions with Russia by the time of President Vladimir Putin’s anticipated visit in 2024, according to Brazil’s Deputy Foreign Minister Laudemar Gonсalves de Agiar Neto.
As Russia is a major exporter of fertilizers and Brazil is a leading importer, Brazil expects to ramp up its procurement.
The deputy minister further explained that the country is also seeking to diversify its trade and boost investment collaboration.
Russian President Putin accepted an invitation to visit Brazil extended by former Brazilian President Jair Bolsonaro during his trip to Moscow in February 2022.
The specific dates for the visit are to be arranged in the future.