Brazil eyes boosting industrial output through int'l deals, less bureaucracy

Brazil is looking to expand its international agreements and cut red tape to boost industrial productivity, a senior official said Wednesday.

President Michel Temer's interim government is currently finalizing some important international deals, said Fernando de Magalhaes Furlan, executive secretary of Brazil's Ministry of Development, Industry and Foreign Trade.

Speaking at a congress in Sao Paulo, Magalhaes cited two automotive deals with Colombia and Peru, and spoke of improving an existing similar agreement with Mexico.

Brazil is also "negotiating with Argentina, and that naturally translates into improvements for the steel and iron sector, which is the big supplier," he said.

Meanwhile, the government is seeking legislative reforms to reduce bureaucracy involved in industrial production so as to promote business, said Magalhaes.

Brazil's growth depends on resuming exports, and to do that it is essential to streamline financing mechanisms, he added.

Brazil's struggling economy has been buoyed in recent months by its currency's slide against the U.S. dollar, which makes Brazilian-made goods cheaper abroad.

In May, exports surpassed imports by 6.437 billion U.S. dollars to register the best monthly performance since 1989.

In the first five months of this year, Brazil's trade balance registered a record surplus of 19.68 billion dollars. Endi