Brazlilian Slovak Chamber of Commerce

BSCC Newsletter. 1st edition. November/December 2017.

BSCC Newsletter. 1st edition. November/December 2017.


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S E C O M B R A T I S L A V A<br />

B S C C<br />


SLOVAK<br />



November/December 2017<br />

F O R E I G N T R A D E • E N T E R P R E N E U R S H I P • N E W S • T O U R I S M • E V E N T S

JOIN US<br />

our mission & vision<br />

The <strong>Chamber</strong> <strong>of</strong> <strong>Commerce</strong> (BSCC) aims at being the most<br />

influential voice <strong>of</strong> the importance <strong>of</strong> Brazilian and <strong>Slovak</strong><br />

business.<br />

Acting in partnership with the Embassy <strong>of</strong> Brazil, it<br />

advocates trade and<br />

investment between both countries, helping to build<br />

bridges between the business communities.<br />

become a member<br />

Every natural or legal person which agrees with the<br />

objectives <strong>of</strong> the <strong>Chamber</strong> is entitled to request<br />

membership. For further information regarding<br />

membership fees and requirements, please contact<br />


- Brazilian economy picks up pace<br />

Comex's single portal - new rules for<br />

ascensão - quarterly information about<br />

Internationalization - why should<br />

about<br />

the newsletter<br />

Featured in this edition:<br />

Impressive from the beginning - the<br />

establishment <strong>of</strong> the Brazilian-<strong>Slovak</strong><br />

Bratislava, <strong>Slovak</strong>ia<br />

<strong>Chamber</strong> <strong>of</strong> <strong>Commerce</strong><br />

+421 321 81 409<br />

secom.bratislava@itamaraty.gov.br<br />

Brazil, on the road to recovery<br />

Developed by the Brazilian-<strong>Slovak</strong><br />

<strong>Chamber</strong> <strong>of</strong> <strong>Commerce</strong> for information<br />

import, export and customs transit<br />

and promotional use.<br />

Eslováquia, uma economia em plena<br />

Follow us on social media channels for<br />

updates. #BSCC<br />

the <strong>Slovak</strong> economy (in Portuguese)<br />

companies look at opportunities abroad

BSCC<br />

Brazilian-<strong>Slovak</strong> <strong>Chamber</strong> <strong>of</strong> <strong>Commerce</strong><br />


On 6 October, the Brazilian-<strong>Slovak</strong> <strong>Chamber</strong> <strong>of</strong> <strong>Commerce</strong> was founded, the first <strong>of</strong> its kind to be<br />

constituted by a Latin American country in <strong>Slovak</strong>ia. The new institution was launched with the support <strong>of</strong> 16<br />

companies and the Embassy <strong>of</strong> Brazil in <strong>Slovak</strong>ia, as a member at large. Together, the "founding fathers"<br />

account for the vast majority <strong>of</strong> the bilateral investments.<br />

Overall reach<br />

200,000,000<br />

Estimated consumer<br />

market <strong>of</strong> Brazil<br />

350,00<br />

Estimated consumer<br />

market reached from<br />

<strong>Slovak</strong>ia<br />

340<br />

Number <strong>of</strong> Brazilian<br />

companies<br />

which have exported to<br />

<strong>Slovak</strong>ia<br />

President<br />


CEO Eskada<br />

The first <strong>Chamber</strong> <strong>of</strong> Latin America to open its doors in <strong>Slovak</strong>ia to promote trade<br />

and investment relations.<br />

Besides being an exceptional focal point for all important economic, commercial<br />

and financial developments taking place between Brazil and <strong>Slovak</strong>ia, the BSCC is<br />

fully equipped to reduce the informational asymmetry between companies and to<br />

facilitate the communication in those sectors that are more promising to increase<br />

bilateral trade.<br />

The natural area <strong>of</strong> concentration <strong>of</strong> the its work should be to strengthen trade<br />

ties, promote investments in both directions and assist companies to establish<br />

themselves in <strong>Slovak</strong>ia, creating a fine base for the governments to build upon.

Members meet to launch the<br />

<strong>Chamber</strong><br />

From the left to the right:<br />

Daniel Sajtak, Eskada<br />

Juraj Čajko, SOPK Trnava<br />

Luis Balduino, Embassy <strong>of</strong> Brazil<br />

Levy Campos, CRW

As a founding member <strong>of</strong> Brazilian-<strong>Slovak</strong> <strong>Chamber</strong> <strong>of</strong> <strong>Commerce</strong> and a<br />

law firm standing at the birth <strong>of</strong> Brazilian-<strong>Slovak</strong> <strong>Chamber</strong> <strong>of</strong> <strong>Commerce</strong><br />

we are pleased to use the opportunity to introduce our law firm as a<br />

potential partner <strong>of</strong> yours.<br />

Q U I C K D E S C R I P T I O N<br />

We are an independent law firm<br />

with a personal approach and<br />

strong local background.<br />

We are a spin<strong>of</strong>f <strong>of</strong> an<br />

international law firm which has<br />

strong position in CEE market;<br />

hence we are able to provide<br />

quality <strong>of</strong> a large law firm and<br />

flexibility <strong>of</strong> a smaller one.<br />

Our standard service proposition<br />

includes legal analysis,<br />

consultations on business cases<br />

and business models, contract<br />

agenda, representation at courts<br />

and public authorities, and<br />

participation at negotiations.<br />

Our practice encompasses a broad<br />

spectrum <strong>of</strong> expertise. We possess<br />

wide range <strong>of</strong> valuable knowledge<br />

and experience in all main<br />

commercial areas <strong>of</strong> law.<br />

Our philosophy – Five Star<br />

Service<br />

We strive for providing the best pr<strong>of</strong>essional service possible. In<br />

order to reach this goal we apply following principles in our<br />

practice:<br />

• We understand that what matters in our business is a quality <strong>of</strong><br />

people who work for our clients, hence we diligently work on their<br />

education and development.<br />

• We are able to provide comprehensive legal services because<br />

we look at matters from the strategic and business perspective,<br />

closely co-operating with consultants from other fields.<br />

• We understand that attention to detail is an absolute must when<br />

providing legal advice.<br />

• We are completely aware <strong>of</strong> the fact that in the legal world, one<br />

may be successful only when carefully thinks through the possible<br />

development <strong>of</strong> the matters from the beginning to the end.<br />

• We understand how important it is to be proactive when dealing<br />

with clients and their matters.

F O C U S – B O U T I Q U E C O M M E R C I A L L A W F I R M<br />

We focus on establishment and operation <strong>of</strong> companies from internal<br />

perspective (i.e. setting up appropriate shareholding and/or governance<br />

structures) and external perspective - we advise our clients on variety <strong>of</strong><br />

contracts with other business entities from both private and public sector.<br />

We are strong partner for our clients when it comes to employment<br />

matters as well.<br />

In the recent past we have performed a few analyses on<br />

employment <strong>of</strong> foreigners (also from Brazil) in the <strong>Slovak</strong><br />

Republic.<br />

We focus on<br />

establishment<br />

and operation<br />

<strong>of</strong> companies<br />

All lawyers within the firm have extensive experience with mergers and<br />

acquisitions, in which we have performed due diligence, drafted or<br />

commented on transactional documents. We are always happy when we<br />

can use our experience in deal negotiations to help our clients.<br />

We have provided legal advisory on various financing assignment,<br />

representing both lenders and borrowers.<br />

In respect <strong>of</strong> competition law, we represented our clients on notification <strong>of</strong><br />

concentrations, cartel cases, abuse <strong>of</strong> dominant position in front <strong>of</strong> the<br />

Antimonopoly Office <strong>of</strong> the <strong>Slovak</strong> Republic and the European<br />

Commission and advised our clients on protection from anti-competitive<br />

practices<br />

In addition we have strong expertise on real estate matters, since we<br />

have advised on number <strong>of</strong> construction matters, real estate transactions,<br />

leases and other forms <strong>of</strong> real estate usage, and property management.<br />

Our expertise in public (administrative) law covers mainly environmental<br />

law (especially related to waste management), personal data protection,<br />

safety and health protection at work, consumer protection, and payment<br />

services.<br />

In IP law arena, we are experienced in trademark and copyright field,<br />

especially those related to s<strong>of</strong>tware.<br />

We are the pr<strong>of</strong>essionals experienced in representing clients<br />

in front <strong>of</strong> public authorities (including e.g. Antimonopoly<br />

Office <strong>of</strong> <strong>Slovak</strong> Republic, OHIM) and all levels courts<br />

(including Supreme Court <strong>of</strong> the <strong>Slovak</strong> Republic and the<br />

Constitutional Court <strong>of</strong> the <strong>Slovak</strong> Republic) in matters such<br />

as shareholders’ disputes, labour law disputes, administrative<br />

law actions, and disputes arising from intellectual property<br />

rights.<br />

Contact details<br />

BAK & PARTNERS, s.r.o.<br />

Panská 14, 811 01 Bratislava,<br />

<strong>Slovak</strong> Republic<br />

Tel.: +421 220 758 391<br />

E-mail: <strong>of</strong>fice@bakpartners.sk<br />

www.bakpartners.sk<br />

We focus on establishment<br />

and operation <strong>of</strong> companies

B R A Z I L , O N T H E R O A D<br />

T O R E C O V E Y<br />

Consumption increases, despite caution<br />

The Brazilian economy grew by 0.2% in the second<br />

quarter <strong>of</strong> 2017, compared to the first three months <strong>of</strong><br />

the year, according to data released by the Brazilian<br />

Institute <strong>of</strong> Geography and Statistics (IBGE). In current<br />

values, the quarter GDP reached R $ 1,639 trillion.<br />

In the first quarter, the economy advanced 1,0%,<br />

interrupting a two-year sequence <strong>of</strong> negative GDP.<br />

In comparison with the same period last year, GDP grew<br />

by 0.3%. It was the first high after 12 lows in a row.<br />

The GDP data shows that the Brazilians have returned to<br />

spending. Household consumption rose 1.4% in the<br />

second quarter, after eight quarters <strong>of</strong> retraction and one<br />

<strong>of</strong> zero variation. IBGE National Accounts Coordinator,<br />

Rebecca de La Rocque Pali, pointed out that consumption<br />

was benefited by "a combination <strong>of</strong> positive factors" that<br />

<strong>of</strong>fset the labor market figures. She cited the growth <strong>of</strong><br />

2.3% <strong>of</strong> real wages, the fall in the basic interest<br />

rate, lower inflation and credit. "In addition, we had the<br />

release <strong>of</strong> the inactive accounts <strong>of</strong> the FGTS. Although<br />

most households used this money to pay <strong>of</strong>f debt or for<br />

savings, some <strong>of</strong> it was used for consumption."<br />

GDP<br />

(QoQ%)<br />

0,2%<br />

The GDP is the sum <strong>of</strong> all<br />

goods and services produced<br />

in the country and serves to<br />

measure the evolution <strong>of</strong> the<br />

economy. In the second<br />

quarter <strong>of</strong> 2017, the<br />

Brazilian economy<br />

recorded a growth rate<br />

<strong>of</strong> 0.2% quarter on quarter.<br />

"The labor market is improving.<br />

Interest rates, the clear trend is<br />

for the continuation <strong>of</strong> the<br />

reduction and the maintenance<br />

<strong>of</strong> lower inflation are favorable<br />

conditions for the maintenance<br />

<strong>of</strong> household consumption.<br />

"Against the movement <strong>of</strong><br />

families, the government spent<br />

less this year. Public spending fell<br />

by 0.9% and negatively<br />

influenced GDP. One <strong>of</strong> the<br />

positive highlights <strong>of</strong> the second<br />

quarter GDP was<br />

the improvement <strong>of</strong> the services<br />

sector, which grew 0.6% and<br />

made the largest contribution to<br />

the result. This sector accounts<br />

for about 70% <strong>of</strong> GDP, and<br />

recorded an increase in trade<br />

(1.9%), real estate and other<br />

services (0.8%) and<br />

transportation, warehousing and<br />

mail (0.6%). Information services<br />

fell by 2.0% and administrative,<br />

health and public education<br />

activities (-0.3%) and financial<br />

and insurance intermediation<br />

(-0.2%) had negative variations.


BACK<br />

ON TRACK<br />

The indicators <strong>of</strong> the first 17 months <strong>of</strong> government reflect optimism and confidence<br />












IED<br />


GDP<br />


JULY 2016<br />

9,28%<br />

14,25%<br />

-9,8%<br />

-24,3%<br />

185,8 MILLION T.<br />

USD 19,682 BILLION<br />

USD 73,512 BILLION<br />

USD 53,83 BILLION<br />

-448,101 THOUSAND<br />

89,9 MILLION<br />

-437 THOUSAND<br />

USD 75 BILLION<br />

53,241 THOUSAND<br />

-5,4%<br />

544 BP<br />

NOVEMBER 2017<br />

2,54%<br />

7,5%<br />

+1,6%<br />

+27%<br />

242 MILLION T.<br />

USD 58,477 BILLION<br />

USD 183,481 BILLION<br />

USD 125 BILLION<br />

+163,417 THOUSAND<br />

91,3 MILLION<br />

+1,1 MILLION<br />

USD 78,9 BILLION<br />

76,989 THOUSAND POINTS<br />

+0,3%<br />

239 BP<br />

S O U R C E ; " P A R E E C O M P A R E - 1 7 M E S E S D E G O V E R N O "

Comex's<br />

Single Portal<br />

What has changed?<br />

Industry, foreign trade and services<br />

are an important vector for the<br />

resumption <strong>of</strong> growth and development <strong>of</strong><br />

the country. Seeking further expediency<br />

for foreign trade operations, the Brazilian<br />

government has launched the Single<br />

Foreign Trade Portal, which unifies<br />

export, import and customs<br />

transit.Countries such as Chile, the<br />

United States, Mexico and several others<br />

are already using such an approach.<br />

The first stage was launched on 23 March<br />

2017 and the second one, on 30 June<br />

2017 Initially the programme will<br />

encompass exports made by the air<br />

modal.<br />

When the Single Portal is fully implemented,<br />

the expectation is to reduce bureaucracy and<br />

increase efficiency, shortening the average<br />

terms <strong>of</strong> operations by around 40%. On<br />

average imports exports should take from 13<br />

to 8 days and imports from 17 to 10 days.<br />

Gradually, the Single Export Declaration<br />

(DU-E) will replace the previous forms, while<br />

the companies will be able to choose the<br />

most convenient option until only the DU-E is<br />

available. This way, the old documentation,<br />

such as the Export Declaration (DE), the<br />

Simplified Export Declaration (DSE) and the<br />

Export Register (RE) will not be immediately<br />


Eslováquia<br />

Uma economia em plena ascensão<br />

A economia eslovaca cresceu 0,8% no segundo trimestre de<br />

2017, registrando o terceiro período sucessivo de expansão.<br />

Desde o início do ano, a economia registrou crescimento<br />

tanto do lado do consumo quanto do lado da produção, com<br />

reflexo positivo para o PIB nominal (4,1% no primeiro e<br />

segundo trimestres). Em termos reais, a elevação do PIB foi<br />

de 3,3% (após 3,1% no trimestre anterior).<br />

O crescimento econômico continuou impulsionado pelo<br />

consumo privado. Sob a ótica da produção, a atividade<br />

econômica aumentou em serviços, particularmente na<br />

categoria de atividades pr<strong>of</strong>issionais e técnicas, enquanto o<br />

crescimento da indústria diminuiu.<br />

A formação bruta de capital fixo, decresceu em 4,6%. Após<br />

elevação no T1, o investimento fixo diminuiu 4,6% no T2.<br />

Considerando ser apenas um repique, o Banco Central da<br />

Eslováquia (NBS) aumentou o amortizador de capital<br />

contracíclico, fixando-o em 0,5%. Em julho último, a<br />

instituição votou para aumentar a taxa para 1,25%, com<br />

efeito a partir de novembro de 2018.<br />

A situação do mercado de trabalho continuou a apoiar o<br />

crescimento do consumo doméstico. A elevação da taxa de<br />

ocupação e o aumento acentuado do salário médio<br />

(1,6% em relação ao trimestre anterior) tiveram ambos<br />

reflexos positivos sobre o consumo das famílias em casa e no<br />

exterior (+3,5% no comparativo anual). Em setembro, a taxa<br />

de desemprego ficou em 6,42%, redução de 0,12% mês a<br />

mês e 3% na comparação anual. O número de candidatos<br />

que encontraram emprego imediatamente foi de 175.021,<br />

diminuição de 3.232 indivíduos em relação ao período<br />

anterior.<br />

A balança comercial encerrou o período com saldo<br />

superavitário. As exportações diminuíram em 2,5% no<br />

comparativo trimestral (após o crescimento de 1,2% no<br />

trimestre anterior). O declínio foi explicado pelo efeito<br />

rebote da base mais forte do trimestre anterior. Com o<br />

decréscimo das exportações, as compras intrafirma também<br />

se reduziram, resultando em queda tota das importações em<br />

2,7% (depois de crescerem 1,7% no Q1).

Internationalization<br />

Ambassador Luis Balduino<br />

It is necessary to perceive the change in<br />

the traditional vision <strong>of</strong> the phenomenon<br />

<strong>of</strong> internationalization that was previously<br />

seen only as the company's journey to<br />

the international market.<br />

Internationalization can be understood as<br />

the many ways a company can relate to<br />

the external market, whether it is<br />

partnering, installing factories abroad or<br />

otherwise doing business on a global<br />

level. Thus, it is noted that<br />

internationalization is more<br />

comprehensive than export, which is still<br />

the strategy most used by companies to<br />

enter international markets, especially<br />

those <strong>of</strong> smaller size.<br />

From this broader approach, it is possible to<br />

understand that internationalization is<br />

associated with issues <strong>of</strong> global<br />

competitiveness, in which companies seek<br />

strategies in foreign markets or even actions<br />

in the domestic market in order to prepare to<br />

face greater competition due to the opening<br />

<strong>of</strong> the economy.<br />

Among the advantages <strong>of</strong>fered by the<br />

international arena are the possibility <strong>of</strong><br />

diluting risks, making pr<strong>of</strong>its, diversifying<br />

markets, increasing the number <strong>of</strong><br />

consumers, improving quality, increasing<br />

innovation, adding value, reducing the effect<br />

<strong>of</strong> seasonality, gains in scale, learning<br />

recognition <strong>of</strong> the brand in the internal<br />

market.<br />

A "learning by doing process" helps<br />

entrepreneurs to acquire differentials,<br />

which increase their competitiveness in the<br />

market, especially in the international market,<br />

where competition and the level <strong>of</strong> demand<br />

are even greater. As a result, the ability to<br />

learn and continually innovate for business<br />

growth and sustainability has to be constantly<br />

sharpened.<br />

Companies accustomed to operate in<br />

different markets more easily replace a<br />

reactive stance in favor <strong>of</strong> a<br />

proactive one, being better equipped to<br />

anticipate threats and opportunities that arise<br />

in the horizon.

M A C R O E C O N O M I C<br />

C O M P A S S<br />



On October 25, 2017, the Monetary Policy Committee (Copom) <strong>of</strong> the<br />

Central Bank <strong>of</strong> Brazil (BC) decided to reduce the Selic rate from 8.25% to<br />

7.50% per year. The decision was unanimous and represented the ninth<br />

consecutive reduction <strong>of</strong> the basic interest rate <strong>of</strong> the Brazilian economy.<br />

The set <strong>of</strong> indicators <strong>of</strong> economic activity shown signs compatible with the<br />

gradual recovery <strong>of</strong> the Brazilian economy. The economy continued to<br />

operate with a high level <strong>of</strong> idle capacity, but the external scenario has<br />

been favorable, as global economic activity has been recovering without<br />

putting too much pressure on financial conditions in the advanced<br />

economies. This has contributed to maintaining risk appetite in relation to<br />

emerging economies.<br />

The behavior <strong>of</strong> inflation remained favorable. The inflation expectations<br />

calculated by the Focus survey fell to around 3.1% for 2017 and 4.0% for<br />

2018. Projections for 2019 and 2020 remained around 4.25% and 4.0% ,<br />

respectively. For the trajectory <strong>of</strong> administered prices, which compose the<br />

conditional projections for inflation produced by the Copom, a variation <strong>of</strong><br />

7.9% in 2017, 5.1% in 2018 and 4.3% in 2019 was projected.<br />

The scenario with trajectories for the interest and exchange rates<br />

extracted from the Focus survey assumed, among other hypotheses,<br />

exchange rates <strong>of</strong> R$ 3.16 / US$, R$ 3.30 / US$ and R$ 3.33 / US$ at the end<br />

<strong>of</strong> 2017, 2018 and 2019, respectively, and interest rates <strong>of</strong> 7.00% at the<br />

end <strong>of</strong> 2017 and 2018, rising to 8.00% at 2019.<br />

Under these assumptions, Copom's inflation projections remained around<br />

3.3% for 2017 and fell to approximately 4.3% for 2018. Projections for<br />

2019 were around 4.2% .

Aliter Technologies is one <strong>of</strong> the fastest growing technology and IT<br />

firms in <strong>Slovak</strong>ia whose innovative work and quality has led to a<br />

portfolio <strong>of</strong> award winning products and solutions that are daily used<br />

by NATO and other international organizations, global technology<br />

companies and suppliers in the fields <strong>of</strong> security and defense.

A L I T E R T E C H N O L O G I E S<br />

Aliter Technologies is one <strong>of</strong> the fastest growing technology and IT<br />

firms in <strong>Slovak</strong>ia whose innovative work and quality has led to a<br />

portfolio <strong>of</strong> award winning products and solutions that are daily<br />

used by NATO and other international organizations, global<br />

technology companies and suppliers in the fields <strong>of</strong> security and<br />

defense.<br />

The company <strong>of</strong>fers consulting services and develops its own<br />

technology and solutions in the field <strong>of</strong> information and<br />

communications technology, the infrastructure and components<br />

that enable modern computing. ICT has drastically changed how<br />

people work, communicate, learn and live. Its importance to<br />

economic development and business growth has been so<br />

monumental, that it is credited with ushering in what may be<br />

labeled as the Fourth Industrial Revolution.<br />

Peter Dostál, the founder and CEO <strong>of</strong> Aliter Technologies has<br />

recognized the importance <strong>of</strong> information and communications<br />

technologies, but wondered if they could be used in a different way<br />

and he named his company to reflect his approach (“aliter” means<br />

differently in Latin). The firm is now known for its acknowledged<br />

experts and sophisticated solutions tailored to the needs <strong>of</strong> its<br />

clients.<br />

The company operates within three production divisions that have<br />

one crucial element in common, which is safety. The ICT Systems<br />

Division specializes in integration <strong>of</strong> secure and highly available<br />

ICT infrastructure including cloud based data centers,<br />

communication systems and cyber security. The S<strong>of</strong>tware<br />

Development Division develops the company’s s<strong>of</strong>tware product<br />

portfolio in the areas <strong>of</strong> cloud automation, service orchestration,<br />

operations <strong>of</strong> contact centers, and provides our clients with<br />

innovative customized solutions. The Special Systems Division<br />

works on design, development and integration <strong>of</strong> products and<br />

solutions intended for armed forces, rescue and law enforcement<br />

agencies operating in tactical environment.<br />

Aliter Technologies is a<br />

proven contractor <strong>of</strong> the<br />

<strong>Slovak</strong> armed forces and<br />

police, as well as <strong>of</strong> NATO<br />

and other prestigious<br />

international organizations<br />

and foreign ministries. The<br />

list <strong>of</strong> the company’s<br />

international clients from the<br />

private sector is very diverse.<br />

Solutions from <strong>Slovak</strong>ia are<br />

being used by companies such<br />

as IBM, CISCO, Airbus, the<br />

world's largest manufacturer<br />

<strong>of</strong> civil aircraft; BAE Systems,<br />

Europe's leading defense,<br />

security and aviation<br />

company; Ericsson, the<br />

Swedish manufacturer <strong>of</strong><br />

telecommunication<br />

technologies; General<br />

Dynamics, a leading military<br />

supplier and aircraft<br />

manufacturer; and so on.<br />

a p o r t f o l i o o f<br />

a w a r d w i n n i n g<br />

p r o d u c t s a n d<br />

s o l u t i o n s<br />

The <strong>Slovak</strong> company has<br />

subsequently expanded its<br />

operations to foreign markets<br />

and opened subsidiaries in<br />

North America, the Balkans,<br />

and the Czech Republic. Aliter<br />

Technologies has become a<br />

familiar brand in Toronto,<br />

Montenegro, Podgorica, and<br />

most recently in neighboring<br />

Prague. Deloitte has<br />

recognized Aliter<br />

Technologies two years in a<br />

row as one <strong>of</strong> the top five<br />

most successful technology<br />

companies in Central Europe.


P O L I T I C A L A N D E C O N O M I C H I G H L I G H T S O F B R A Z I L A N D S L O V A K I A<br />


The latest edition <strong>of</strong> the Brazilian Magazine <strong>of</strong> Foreign Trade (RBCE/FUNCEX) examines some <strong>of</strong> the issues that<br />

will be put to the new government in the area <strong>of</strong> commercial practice. For many economists, one <strong>of</strong> the nodes<br />

who constrain growth and Brazil is the very low degree <strong>of</strong> openness <strong>of</strong> our economy. This is certainly the point<br />

<strong>of</strong> view defended by Mauricio Mesquita and Filipe Sousa, for whom the process <strong>of</strong> opening not only stagnated<br />

after mid-1990s, but regressed. Otaviano Canuto and Fernanda De Negri address an issue usually faced by a<br />

new government: which industrial sectors should be privileged with preferential policies? The authors<br />

conclude that, much more important than changing the sectoral composition, is to increase the intrasectorial<br />

productivity <strong>of</strong> the Brazilian economy. The edition also includes two articles that comment on Brazil's recent<br />

request for accession to the OECD, a process that should take at least three years and should be an important<br />

task <strong>of</strong> the new government.<br />


" T h e P r e s i d e n t o f t h e 7 2 n d s e s s i o n o f t h e G e n e r a l<br />

A s s e m b l y , H . E . M r . M i r o s l a v L a j č á k , m e t t o d a y [ 2 1<br />

S e p t e m b e r 2 0 1 7 ] w i t h t h e M i n i s t e r o f F o r e i g n<br />

A f f a i r s o f B r a z i l , H . E . M r . A l o y s i o N u n e s F e r r e i r a .<br />

T h e y d i s c u s s e d m u t u a l p r i o r i t i e s w i t h r e g a r d t o<br />

m i g r a t i o n , c l i m a t e c h a n g e , c o n f l i c t p r e v e n t i o n ,<br />

a n d U n i t e d N a t i o n s r e f o r m , i n c l u d i n g S e c u r i t y<br />

C o u n c i l r e f o r m . ( S o u r c e : U N )<br />

1 6 K F O L L O W E R S<br />

1 , 9 K F O L L O W E R S<br />

1 , 8 K F O L L O W E R S


<strong>Chamber</strong>, Jabuti<br />

1<br />

2<br />

3<br />


Title: The Brazilian fiscal and<br />

Title: Black executives: racism and<br />


For furhter information, contact<br />

secom.bratislava@itamaraty.gov.br<br />

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Created in 1958 and<br />

annualy awarded by<br />

Title: Public finance - Author (s):<br />

the Brazilian Book<br />

Felipe Salto and Mansueto Almeida<br />

Award is the most<br />

traditional and<br />

prestigious literary<br />

prize in Brazil.<br />

monetary crisis - Author (s): Edmar<br />

Bacha<br />

These were the<br />

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R E L A X I N<br />

B R A Z I L<br />

I L H A<br />


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