Sri Lanka and Brazil agree to elevate bilateral trade to USD 1 billion

Today, on the 20th, Sri Lanka and Brazil held the Second Round of Bilateral Political Consultations at the Ministry of Foreign Affairs, Foreign Employment and Tourism in Colombo. This meeting is a significant step in strengthening the friendly relationship between the two nations. It was co-chaired by Aruni Ranaraja, Secretary to the Ministry, and Ambassador Susan Kleebank, Secretary for Asia and the Pacific from Brazil's Ministry of Foreign Affairs, according to a statement from the Ministry. During the consultations, both countries reviewed the progress made since their first meeting in 2022 and explored new areas for collaboration. They acknowledged the growth in economic cooperation and agreed to aim for USD 1 billion in bilateral trade by 2030. The two sides highlighted the need to expand their engagement in light of changing global economic conditions. They also recognized the importance of quickly finalizing pending Memorandums of Understanding (MoUs) and agreements to strengthen their ties. The discussions included commitments to finalize legal agreements on defense, law enforcement, combating human smuggling and transnational organized crime, traditional and Ayurvedic medicine, and diplomatic training. Both parties expressed satisfaction with the Dairy Livestock Project and the Sugarcane Project, which are ready to be signed soon with the help of the Brazilian Cooperation Agency (ABC). Additionally, they talked about preparations for President Anura Kumara Disanayaka's upcoming state visit to Brazil. The meeting also emphasized the importance of improving parliamentary diplomacy and building closer connections between their legislatures. They agreed to reactivate the Parliamentary Friendship Groups and arrange for exchanges of delegations.