Russia, Brazil need to diversify trade, develop independent infrastructure to connect banks - Reshetnikov
BRASILIA. May 26 (Interfax) - Russia and Brazil must diversify bilateral trade and develop independent infrastructure between banks in the two countries, Russian Economic Development Minister Maxim Reshetnikov said at a meeting of the Russian-Brazilian intergovernmental commission in Brasilia on Monday.
"Over the past six years, goods trade has doubled. Brazil has increased fertilizer imports. We are still the main supplier of this product, helping ensure the country's food security and independence. For our part, we have started to purchase more coffee, meat and soybean from Brazil. The current task is to diversify and expand the list of goods supplied. We must also improve the quality of trade to include more complex, technological high-added value products. And then develop independent infrastructure for payments between banks," the minister said.
"Our countries have experience of successful collaboration in the chemicals and oil and gas industry, as well as in space technology, peaceful nuclear energy, medicine and pharmaceuticals," he said.
"Russian product currently covers almost a third of the needs of the Brazilian fertilizer market. Apart from that, our companies are implementing complex investment projects, modernizing production, developing infrastructure and expanding the distribution network. We see potential in increasing mutual investments in this kind of industrial cooperation," Reshetnikov said.
He also said that Russia was "prepared to develop collaboration in agriculture," increasing exports and stepping up initiatives in areas such as breeding, seed production and agricultural education.
The president of the Russian Fertilizer Producers Association and chairman of the Russia-Brazil Council of Entrepreneurs, Andrei Guryev said after the commission meeting that fertilizers currently account for about 40% of bilateral trade between the two countries.
"We have been exceeding the historical maximum for two consecutive years, supplying more than 11 million tonnes of Russian agrichemical products to Brazil. One in three tonnes of fertilizer imported by Brazil is produced in our country," Guryev said.
In his capacity as chairman of the entrepreneurs' council, Guryev said the two countries "have great potential for joint projects in areas such as the environment, scientific and technical cooperation, energy, engineering, pharmaceuticals, investment and the banking sector."
"We're seeing strong interest among Russian and Brazilian businesses in the IT sector, conducting joint scientific research, projects in the area of innovation, introducing new payment solutions, developing cooperation on the forums of BRICS and the G20. We will continue to deepen business partnership in the course of the Russia-Brazil business dialog at the 2026 St. Petersburg International Economic Forum," Guryev said.
