Brazil’s trade with the Association of Southeast Asian Nations (ASEAN) has seen remarkable growth.
This group consists of ten dynamic countries. Together, they have a vast population of over 650 million. They provide a wide range of products, from rice to advanced technology.
In the last 20 years, trade between Brazil and ASEAN has surged. It went from $2.9 billion in 2002 to $34 billion in 2022.
This is an increase of 1,072%. Southeast Asia was key to nearly a quarter of Brazil’s $73 billion trade surplus recently.
A new plan called “Practical Cooperation Areas” has been set. It outlines joint efforts in security, economy, and culture for the next five years.
Trade experts stress the importance of cultural understanding. They believe knowing each other’s culture is vital for good business.
ASEAN includes Myanmar, Brunei, Cambodia, the Philippines, Indonesia, Laos, Malaysia, Singapore, Thailand, and Vietnam.
These nations are powerful. Together, they are the world’s fifth-largest economy with a three trillion dollar GDP.
They also have a high population growth rate. This means they buy more from Brazil, like meat and soy.
Recently, Singapore and Mercosur, which Brazil is part of, signed a trade deal. Talks with Vietnam began too. Vietnam already works with Brazil in technology.
South-South trade is growing
South-South trade is growing. It challenges the old pattern of Western countries dominating trade.
The recent pandemic showed the need for diverse trade partners. This is what Brazil and ASEAN are doing.
In the first nine months of a recent year, Singapore was the top ASEAN buyer of Brazilian goods. They bought $6.2 billion worth.
Brazil is also sharing its farming technology with some ASEAN countries. This helps with their food security.
Indonesia is the biggest Muslim country and a key ASEAN member. It buys a lot of halal meat from Brazil.
This is meat prepared as per Islamic laws. Brazil’s footwear and tourism sectors are also finding new opportunities in ASEAN countries.
All these show the growing ties and mutual benefits between Brazil and ASEAN.