As part of a series of new economic agreements, the UK and Brazil have agreed to further equalise the treatment of foreign and domestic financial companies in Brazil.
In particular, this will relate to the re/insurance sector and is expected to support UK re/insurers operating or looking to operate in Brazil.
The fourth Economic and Financial Dialogue (EFD) between the UK and Brazil took place on 10 December 2020 and saw UK Chancellor Rishi Sunak and Brazilian Economy Minister Paulo Guedes meet to build further economic ties between the two countries.
They were joined by central bank Governors and heads of financial sector regulators.
The UK and Brazil already have a strong economic relationship, with over 800 British companies currently operating in Brazil.
Total trade between the UK and Brazil, including imports and exports as well as goods and services, currently stands at £6 billion in 2020.
The Chancellor and the Economy Minister discussed the importance of continuing to increase market access and cooperating on green finance to help tackle climate change and environmental issues ahead of COP26.
In addition to the further equalisation of their re/insurance sectors, the UK and Brazil committed to discussing barriers to a Double Taxation Agreement, and to deepen connections between their bond markets, including the possibility of Brazilian sovereign issuance in London.
The countries also agreed to a new Financial Markets Dialogue to discuss financial services issues and support market access asks, and to the implementation of the UK-Brazil Green Finance programme, which will like UK expertise with sustainable infrastructure opportunities in Brazil.
Source: Reinsurance News