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An overview Brazil a country of 162 million inhabitants with a massive gross domestic product GDP of more than US977 billion is the largest economy in Latin America and the 10th largest in the world Real GDP growth was approximately 3 percent in 2000 still in welcome comparing with the slowdown real growth in 1999 The Inflation has been kept in line with the Governments target of 8 in 2000Country Commercial Guide 2001 The process of economic liberalization initiated in 1990s has produced significant changes in Brazils trade regime and investment regimes resulting in a more open and competitive economy Developments in trade activity were better than expected after the financial crisis of late 1998 favourable economic and investment climate results in substantial increase of foreign direct investment FDI since 1997 Trade Policy Review Body 2000With the substantial trade liberalisation Brazil has become an important market for US and EU exporters of goods and services as well as an important source of imports Imports have increased as a result of generally lower tariffs and reduced non-tariff barriers but various barriers to trade still exists in different fields The Brazilian government is emphasizing increased trade opportunities for the different sectors through trade reform and the removal of trade barriers to improve foreign trade performance The table 1 in appendix shows the recent economic performance of Brazil And the main trade partners of Brazil are the United States and MERCOSUR especially Argentina which is one of Brazils most important markets followed by the European Union EU The main suppliers to Brazil are in decreasing importance the EU the United States and Argentina Recommendation With the economic liberalization initiated in 1990s Brazils current trade policy is much more liberalized comparing with the situation decades ago Manufactured exports become more important for Brazil than agricultural goods With the opening up of European market and regional integration of MERCOSUR EU and Argentina become the main trade partners besides
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