Putin and Temer pledge to strengthen trade and economic relations

World
Europe

Russia considers Brazil one of its most important trading partners. So far this year, trade between the two countries has grown by 30 percent. The two sides are looking forward to seeing this trend continue.

Russian President Vladimir Putin described Brazil as an important trade partner for Russia. During his meeting with Brazil’s President Michel Temer at the Kremlin, Putin pledged to develop economic ties between the two countries.

“Brazil, of course, is one of our priorities, most important partners in Latin America. We work in all international organizations and, of course, we especially note our interaction within the framework of the BRICS,” Putin said.

Russian President Vladimir Putin (R) meets with his Brazilian counterpart Michel Temer at the Kremlin in Moscow on June 21, 2017./ AFP Photo‍

Temer is now in Moscow on an official visit. He also held talks with Russian Prime Minister and members of the Russian Parliament.

“I must say that there are a lot of similarities between Russia and Brazil. Our countries have huge territories, large population, our economies have much in common,” Temer said.

Back in Brazil, Temer is accused of creating a corrupt administration and is under investigation for allegations of taking at least 4.6 million US dollars in bribes in exchange for political favors.

Temer’s visit to Russia comes ahead of a BRICS leaders’ summit to be held in China in early September. Preparations for the summit are underway, and Chinese President Xi Jinping met with foreign ministers of Russia, Brazil, South Africa and India earlier this week.

Brazil is Russia’s major trade partner in Latin America, accounting for about 40 percent of Russia’s trade in the region. Brazil’s developing economy is seen as a lucrative market by Russian investors and bilateral trade has significantly increased after Temer assumed office in August 2016.