In response to the grim situation of the domestic economic recession, Brazilian President Rousseff announced on the 24th the "National Export Plan" at the Presidential Palace, aiming to boost economic growth by expanding Brazil economy exports.
Rousseff said that Brazil is the seventh largest economy in the world, but its export revenue is only ranked 25th. She said that encouraging Brazilian economic exports will be an important measure for the government to resume economic growth in order to stimulate the economy, increase competitiveness and increase employment.
To promote exports, the Brazilian government will adjust a series of policies including diplomacy, industry, finance and taxation. Rousseff pointed out that in foreign policy, Brazil will be committed to "prioritizing new markets." She said: "We will reach an agreement with any country and region without prejudice." She also stressed that the negotiations with the EU's free trade agreement will strive to make a breakthrough before the end of the year.
In terms of industrial policy, Brazil will focus on encouraging exports of manufactured goods and services, especially engineering exports. Rousseff said that in view of the fall in international commodity prices, exports of manufactured goods and services are expected to increase the added value of products. To this end, the government will be complemented by a proactive fiscal policy, and the budget for subsidizing corporate exports this year will increase by 30% to R$1.5 billion (about US$500 million). At the same time, the National Economic and Social Development Bank will strengthen export credit.
In terms of tax policy, Rousseff promised to gradually increase the export tax rebate rate of enterprises from the current 1% to 2% in 2017, and will further increase to 3% in 2018.
The report released by the Brazilian central bank on the same day predicts that the Brazilian economy will shrink by 1.1% this year, while the inflation rate will rise to 9%.
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