This Monday (April 24), the promotion agencies of Brazil and Portugal signed a memorandum of understanding. To promote economic cooperation between the two countries of the Community of Portuguese Speaking Countries (CPLP). The agreement also aims to boost the development and internationalization of startups and the promotion of small and medium-sized companies.

According to the Brazilian government, the Brazilian Export Promotion Agency of Brazil (Apex-Brasil) and the Agency for Investment and Foreign Trade of Portugal (Aicep) intend to make efforts to develop initiatives to promote Portugal in Brazil and Brazil in Portugal. Contributing to the growing internationalization of the respective companies and boosting bilateral trade and investment flows.

According to a statement from Apex-Brasil, cooperation between the two promotion agencies is based on the principles of benefit, equality and mutual respect of full sovereignty. And in accordance with current laws and regulations. Furthermore, with the Brazil Portugal agreement, the agencies intend to cooperate in joint initiatives in third markets. Namely in regions with which there is already a relevant economic relationship.

What does the Brazil Portugal Agreement provide?

The memorandum foresees three priority fronts of cooperation. The first of them is interesting, promoting the development and internationalization of startups. With entrepreneurship projects with high growth potential and technological base identified in both countries. Mutual collaboration and incentives created by the respective countries will allow Portuguese companies to develop their businesses in Brazil. Therefore, enabling Brazilian companies to develop actions in Portugal and the European market.

The second front is the increase in economic and commercial cooperation through institutional coordination, of interagencies, in the markets of CPLP countries, through the sharing of information. As well as, good practices, training and training actions and creation of measures that increase competitiveness and economic security for companies and entrepreneurs in both countries.

Finally, the third front of the agreement is the promotion and development of business between small and medium-sized companies in both countries. These companies represent a significant number of jobs and among the planned actions are the exchange of information about the Portuguese and Brazilian markets. Such as holding webinars, lectures and seminars on opportunities in the Portuguese and European market, in-person or virtual training and commercial promotion events. And holding face-to-face or virtual business rounds.

An economic cooperation agreement

In short, the bilateral agreement between Brazil and Portugal represents an important initiative to boost economic cooperation between the two CPLP countries, as well as promoting the internationalization of Brazilian and Portuguese companies and startups. In this way, the memorandum signed by the promotion agencies represents a historic milestone in the relationship between Brazil and Portugal. As well as the potential to generate benefits for both countries.

With information from Paula Laboissière – Reporter at Agência Brasil – Brasília