Sri Lanka, Brazil agree to boost trade to US$1 billion by 2030

Colombo, March 21 (Daily Mirror) - Sri Lanka and Brazil have agreed to significantly enhance bilateral trade, setting an ambitious target of reaching US$1 billion by 2030, following the second round of bilateral political consultations held in Colombo.

The high-level discussions took place at the Ministry of Foreign Affairs, Foreign Employment and Tourism, co-chaired by Ministry Secretary Aruni Ranaraja and Brazil’s Secretary for Asia and the Pacific, Ambassador Susan Kleibank.

The consultations marked a key milestone in strengthening long-standing ties between the two nations, while also reviewing progress since the inaugural round of talks in 2022.

Both sides acknowledged the steady growth in economic cooperation and emphasized the need to expand trade relations in line with evolving global economic dynamics. The agreement to scale up bilateral trade reflects a shared commitment to deepening economic engagement.

During the meeting, Sri Lanka and Brazil also underscored the importance of expediting several pending Memoranda of Understanding (MoUs) and agreements. These cover critical areas such as security cooperation, law enforcement, combating human trafficking and transnational organized crime, traditional and Ayurvedic medicine, and diplomatic training.

The two countries expressed satisfaction over the successful completion of key initiatives, including the Dairy Livestock Project and the Sugarcane Project under the Technical Cooperation Framework, with expectations to formalize related agreements soon with the support of the Brazilian Cooperation Agency.

Preparations for the upcoming state visit of President Anura Kumara Dissanayake to Brazil were also discussed, alongside efforts to strengthen parliamentary diplomacy. Both sides agreed to re-establish parliamentary friendship groups and promote exchanges, including a planned visit by a delegation of Brazilian women parliamentarians to Sri Lanka.

In addition, new avenues for cooperation were identified in sectors such as agriculture, animal husbandry, agricultural research, ports and shipping, and sports.

Ambassador Kleibank also met with Foreign Affairs Minister Vijitha Herath, where both parties reaffirmed their commitment to further strengthening bilateral relations and expanding cooperation in areas of mutual interest.

Officials from both countries agreed to maintain close collaboration at both bilateral and multilateral levels moving forward.