JBS and BRF, the largest producers of frozen meat in Brazil, estimate that the spread of coronavirus in China can boost Chinese demand for its products “for food safety reasons.” JBS and WH Group of Hong Kong signed an agreement this week for the supply to the Chinese market of up to $ 717 million in beef, chicken and pork per year. However, aggressive demands for discounts from Chinese importers could affect transactions.
The U.S. Commerce Department launched anti-dumping investigations into wood moulding and millwork product imports from Brazil and China worth about $500 million annually. Seven U.S. manufacturers has reported possible anti-dumping duties of 86.7% for products from Brazil and 181.2% to 359.2% from China. Preliminary results are expected on Feb. 24.
Brazil will have great business opportunities with Great Britain after its separation from the European Union on January 31, said the advisory minister of the Brazilian embassy in London, Robert Doring. The United Kingdom imports 50% of the food and beverages it consumes, 60% of them from the European Union and 4% from South America (2018).
Brazilian gunmaker Taurus Armas SA has signed a joint venture with Indian steelmaker Jindal Group to produce and sell guns in India. Under the agreement, Jindal will hold a 51% stake in the venture and Taurus the remaining shares. Taurus said the JV will open a gun factory in India to produce different kinds of firearms.
India Prime Minister Narendra Modi and Brazil President Jair Bolsonaro agreed to boost trade and investment in defence, mining, biofuel, cybersecurity, food, environment and health. In a joint statement the two leaders expressed confidence that a bilateral trade target of $15 billion could be set for 2022 by both countries.
President Jair Bolsonaro said in his Tweeter account that he authorised Brazil’s entry into the Public Contracting Agreement (PA) of the World Trade Organization (WTO), which includes the United States, China, Japan and European countries. The agreement obliges its members to give equal conditions to foreign and national companies in public tenders in the areas of goods, services and infrastructure.
Brasil President Jair Bolsonaro begins a four-day official visit to India. Trade between both countries during 2018-19 was worth $8.2 billion, including Indian exports of $3.8 billion and imports worth $4.4 million. Estimated 2018 Indian investments in Brazil were at $6 billion and Brazilian investments in India at $1 billion. Bilateral ties were elevated to a strategic partnership in 2006 and the two countries work closely at multilateral forums.
The General Administration of Customs of China (GACC) authorised the import of melon from Brazil, in what constitutes the first agreement of both countries on this fruit. China consumes approximately half of melon world production, equivalent to 17 million tons in 2017, and the Brazilian harvest coincides with the low season in China. In 2018, Brazil exported around 200 thousand tons of melon to USA, Chile, Argentina, Uruguay, Russia and the European Union.
Anglo American on Thursday reported a 4% increase in fourth-quarter production, driven by a ramp-up at its Brazilian Minas-Rio mine. “We have delivered our full-year production targets across the business. Increased production at Metallurgical Coal in Australia was offset by the drought at Los Bronces mine in Chile,” Chief Executive Officer Mark Cutifani said in a statement.
Brazil’s Minister of Mines and Energy, Bento Albuquerque, said in New Delhi that during his trip to Saudi Arabia next July he will begin discussing possible membership to the Organization of Petroleum Exporting Countries (OPEC). Brazil aims to become one of the top five exporters of oil in 10 years, Albuquerque said during an official visit to India where Brazilian oil exports fell 23% in 2019.