Sri Lanka and Brazil agree to elevate bilateral trade to USD 1 billion

The Second Round of Bilateral Political Consultations between Sri Lanka and Brazil have been held today (20) at the Ministry of Foreign Affairs, Foreign Employment and Tourism in Colombo, marking an important step in further strengthening the longstanding and friendly relations between the two countries. 

The meeting was co-chaired by Secretary to the Ministry, Aruni Ranaraja and Ambassador Susan Kleebank, Secretary for Asia and the Pacific at the Ministry of Foreign Affairs of Brazil, the Ministry of Foreign Affairs said in a statement. 

The consultations provided an opportunity to review the progress achieved since the First Round of Bilateral Political Consultations held in 2022 and identify further areas for possible collaborations.

During the discussions, while acknowledging the steady growth in economic cooperation, the two sides agreed to elevate bilateral trade to USD 1 billion by 2030, the statement said. 

Both countries also emphasized the importance of broadening engagement in response to evolving global economic dynamics.

Recognizing the value of expediting the conclusion of pending MoUs and Agreements in key areas to further strengthen ties, the parties committed to finalizing outstanding legal instruments on defence, law enforcement, countering human smuggling and transnational organized crime, traditional and Ayurvedic medicine, and diplomatic training. 

The two sides expressed satisfaction that the Dairy Livestock Project and the Sugarcane Project under the framework of technical cooperation have been finalized and are expected to be signed in the near future, with the support of the Brazilian Cooperation Agency (ABC), the statement said.

Preparations for President Anura Kumara Disanayaka’s forthcoming state visit to Brazil were also discussed at the meeting, it added. 

Noting the importance of enhancing parliamentary diplomacy and fostering closer ties between the legislatures, the two sides agreed to revive the Parliamentary Friendship Groups and exchange delegations. 

In this regard, a women parliamentary group from the Brazilian legislature is expected to visit Sri Lanka. The discussions also identified new avenues for cooperation in priority sectors, including agriculture, animal husbandry, agricultural research, ports and shipping, and sports, the statement added. 

Both sides also agreed to continue the close collaboration in bilateral and multilateral forums. Ambassador Susan Kleebank also called on Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath, where both sides reaffirmed their commitment to further strengthening bilateral relations and expanding cooperation in areas of mutual interest.