Donald Trump government is ready to help Brazil design more effective oil auctions, the U.S. secretary of energy Dan Brouillette said during a visit to Rio do Janeiro. In November, Brazil tried unsuccessfully to sell the rights to four offshore oil producing zones in a process that could have fetched some 106.5 billion reais ($25.5 billion) for Jair Bolsonaro’s government. Only two areas attracted bidders, both of which were consortia led by Petrobras.
Brazilian state-controlled bank Banco do Brasil SA is planning reforms to better compete with private rivals, after President Jair Bolsonaro quashed an attempt by management to fully privatise it. The plan includes changing employment rules, maintain its dividend payout ratio, and forming partnerships with financial technology and other startups.
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.
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.
Brazil’s President Jair Bolsonaro said on Twitter he will create an “Amazon Council” led by vice president, General Hamilton Mourao, to protect and ensure the “sustainable development” of the world’s largest rainforest. Under Bolsonaro, the number of fires in the Amazon reached a 10-year high last year, prompting world leaders to denounce his environmental record.
President Jair Bolsonaro decided to end Brazil’s membership to the Community of Latin American and Caribbean States (Celac).Government sources said that the decision was due, among other reasons, to the presence of dictatorships in the block, such as Cuba and Venezuela.The new position was communicated last Tuesday to the members.
President Jair Bolsonaro is set to visit India next week, aiming to boost trade with the Asian nation that has been expanding around 7% a year over the past decade and set to overtake China in terms of population in the next decade. Brazil sees a chance to increase its $7 billion in annual bilateral trade with India to $25 billion in the next few years.
Brazilian government has welcomed the United States’ change of stance to support Brazil’s bid to join the Organization for Economic Cooperation and Development (OECD) ahead of Argentina. The decision shows the construction of a “solid partnership” in the Brazil-United States relationship,” capable of generating short, medium and long term” results, Foreign Minister Ernesto Araújo published in a social network.
Mining and Energy Minister Bento Albuquerque told a group of 12 European diplomats that Brazil’s government was pushing ahead with plans to allow mining on indigenous reserves. He said that “significant leadership” from native communities had asked for the opportunity to mine on their lands. President Jair Bolsonaro will send a bill to Congress later this month to regulate the activity.