Sri Lanka, Brazil target $1 Billion trade by 2030

2026-03-21 - 14:35

Sri Lanka and Brazil agreed to boost bilateral trade to USD 1 billion by 2030 during high-level political consultations held in Colombo on March 20, 2026. The Second Round of Bilateral Political Consultations between Sri Lanka and Brazil took place at the Ministry of Foreign Affairs, Foreign Employment and Tourism in Colombo, marking another step in strengthening long-standing ties between the two countries. The meeting was co-chaired by Secretary to the Ministry Aruni Ranaraja and Ambassador Susan Kleebank, Secretary for Asia and the Pacific at Brazil’s Ministry of Foreign Affairs. The discussions reviewed progress since the first round of consultations held in 2022 and explored new areas for cooperation. Both sides noted steady growth in economic relations and agreed on the target of increasing bilateral trade to USD 1 billion by 2030, while highlighting the need to expand cooperation in line with changing global economic conditions. The two countries also agreed to fast-track several pending Memorandums of Understanding (MoUs) and agreements. These include areas such as defence, law enforcement, countering human smuggling and transnational organized crime, traditional and Ayurvedic medicine, and diplomatic training. Both sides expressed satisfaction over the completion of key technical cooperation projects, including the Dairy Livestock Project and the Sugarcane Project. These initiatives are expected to be signed soon with the support of the Brazilian Cooperation Agency (ABC). Preparations for President Anura Kumara Disanayaka’s upcoming state visit to Brazil were also discussed. The two sides stressed the importance of strengthening parliamentary ties and agreed to revive Parliamentary Friendship Groups and exchange delegations. A women’s parliamentary group from Brazil is also expected to visit Sri Lanka. In addition, new opportunities for cooperation were identified in several priority sectors, including agriculture, animal husbandry, agricultural research, ports and shipping, and sports. Both countries also agreed to continue working closely in bilateral and multilateral forums. During her visit, Ambassador Susan Kleebank also met with Minister of Foreign Affairs, Foreign Employment and Tourism Vijitha Herath, where both sides reaffirmed their commitment to deepening bilateral relations and expanding cooperation. The delegations included Sri Lanka’s Ambassador to Brazil Chaminda I. Colonne, Brazil’s Chargé d’Affaires Monica Maria Meirelles Nasser, along with senior officials from the Ministry and relevant agencies.