Alckmin: Latin American integration is priority for Brazil

The Vice President of Brazil and Minister of Development, Industry, Commerce, and Services (Ministério do Desenvolvimento, Indústria, Comércio e Serviços/MDIC), Geraldo Alckmin, represented President Luiz Inácio Lula da Silva at the inauguration of Panama’s President-elect, José Raúl Mulino, held this Monday (7/1) in Panama City.

Advancing Latin American and Caribbean integration and adopting a shared development strategy for the region are top priorities for the Brazilian government,"
Geraldo Alckmin, Vice President of Brazil

Mulino begins his five-year term succeeding President Laurentino Nito Cortizo. He was sworn in during a formal session of the National Assembly of Panama by its new president, Congresswoman Dana Castañeda, who, along with the newly elected legislature, also took office.

"I am pleased to extend our congratulations to Mulino, on behalf of President Lula, as he commences his term as President of Panama, and I wish him success in his administration," said the Brazilian vice president. "Panama is Brazil’s primary trading partner in Central America. Advancing Latin American and Caribbean integration and adopting a shared development strategy for the region are top priorities for the Brazilian government," the vice president added.

In his inaugural address, President Mulino declared his administration's commitment to exploring a trade agreement with Mercosul. Following the inauguration ceremony, the new Panamanian and Brazilian vice presidents discussed this issue.

Alckmin conveyed Brazil's readiness to strengthen economic and commercial relations with Panama to Mulino. He discussed the potential negotiation of a Trade and Investment Facilitation Agreement (Acordo de Facilitação de Comércio e Investimentos/ACFI) with the Panamanian government. In March, Brazil and Panama celebrated 120 years of bilateral relations.

Panamá experienced Gross Domestic Product (GDP) growth of 7.3% last year.  Brazilian exports to Panama in 2023 rose 11.1% compared to the previous period, increasing from USD 855 million to USD 950 million. This surge culminated in a historic peak of USD 963.7 million in the bilateral trade flow, ranking Panama as the 51st destination for Brazilian exports.

Brazil exports to Panama fuel oils derived from petroleum or bituminous minerals (39%), followed by crude petroleum or bituminous mineral oils (19%). Additionally, exports include corn (5%), other manufactured products (3.7%) and passenger automobiles (2.8%).