An agreement for the avoidance of double taxation between Bulgaria and Brazil is believed to boost the economic ties between the two countries.

This is the conclusion of a meeting of Bulgaria's Honorary Consul in Brazil Joao Vaz, and the Bulgarian Chamber of Commerce and Industry (BCCI).

An agreement for the encouragement and mutual protection of investments is also said to be very important, should the two countries want to expand their economic exchange.

The BCCI thinks Bulgaria's relations with Brazil have much to offer in terms of untapped potential, especially as Brazil, which is the second largest BRIC economy after China and ahead of India and Russia, is expected to surpass Italy to become the 7th largest economy in the world.

In 2009, Bulgaria's trade with Brazil was USD 211 M, a 35% decline compared with the peak levels from 2008; its export was USD 40 M, while its import from Brazil amounted to USD 171 M.

The need for Bulgarian-Brazilian agreements on double taxation avoidance and investments have been emphasized despite any existing deals between the EU and Mercosur.

Bulgaria's Honorary Consul to Brazil Joao Vaz has committed to sounding out the opportunities for creating a Bulgarian-Brazilian Chamber of Commerce, an idea supported by the BCCI.

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