Brazil Seeking Ways to Boost Exports to US - Embassy

Brazil is trying to increase its exports to the United States, the economic section head at the embassy of Brazil Fernando Pimentel told Sputnik on Monday.

WASHINGTON (Sputnik) — Pimentel explained there are areas on which Brazil has already been working, but the country is exploring new ones for additional cooperation.

"Right now the United States has a trade surplus with Brazil, and we plan to find ways to export more to the United States," Pimentel said on the sidelines of the Fifth Annual Doing Business with the BRICS Conference.

"Right now, one of the big areas we have coming on the economic side is oil and gas auctions we have. We expect a strong showing from US companies," he stated.

Pimentel also said Brazil and the United States are working to harmonize regulations in addition to facilitate trade.

According to Pimentel, Brazil is determined to strengthen its partnership with other BRICS countries and the block’s bank.

"Our government is working intensively to cement partnership with the BRICS and the BRICS bank, and make these institutions really work," Pimentel said. "It is a very important focus of ours. For us, I think for all countries, BRICS is there for the long haul."

Pimentel explained that they want to develop "strong bonds" with other BRICS member states.

"It is not something you want to do for a few years and just decide to give up," he added.

BRICS is an association of five developing economies — Russia, China, Brazil, India and South Africa — which comprises over one third of the world’s population. The five nations have a combined nominal GDP equivalent to approximately 20 percent of gross world product.

The International Trade Administration said in September that Brazil is an important commercial partner for the United States, with bilateral trade reaching $59.1 billion in 2015.

Brazil's defense budget has more than doubled since 2003 to $23 billion in 2015, and is the largest in Latin America.