Spain is Brazil’s fifth-largest export market. The Iberian nation held a 2.9% share of Brazilian exports in 2022, the highest percentage since the start of the historical series in 1997. But according to Xiana Méndez, secretary of Spain’s commerce and head of ICEX España Exportación e Inversiones, this scenario could turn more auspicious if Mercosur and the EU had their free trade agreement in place.
This is due to the fact that, according to her, such a deal would make trade more cost-effective as it allows for a decrease in tariffs and includes facilitation instruments like tariff barriers and the harmonization of sanitary and phytosanitary rules. “These features help our companies in their search for new suppliers. I think diversification is the best course of action, as we’ve seen in situations like the pandemic and the [Ukraine] war,” she went on.