Brazil: ministerial visit promotes legal and financial services
Published 5 June 2014
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0.1 Summary
Justice Secretary and Lord Mayor of London visit Brazil to promote UK legal and financial services. Leading Brazilian figures engaged in Global Law Summit.
0.2 Detail
The Secretary of State for Justice, Chris Grayling, visited Brazil 12-14 May to promote UK legal services and the Global Law Summit. The Lord Mayor of London, conducting a more extensive tour promoting the City of London from 6-14 May joined the Justice Secretary, as did the President of the Law Society.
The visits sought to deepen cooperation in the Brazilian legal services market, with UK firms keen to do more business and foreign investors keen to access international legal services. There were warm meetings with the federal and Sao Paulo branches of the Brazilian Lawyers Association (OAB). There was strong interest in taking forward young lawyer exchange programmes and exploring a potential bilateral Arbitration Chamber to bring English law arbitration services to Brazil.
There was also strong interest in the Global Law Summit, to be held in London next year to mark the 800th anniversary of the Magna Carta - a revered text in Brazil, framed copies of which were well received by leading Brazilian legal figures. The Secretary of State also engaged the next generation of Brazilian lawyers in an interactive student event at the leading IBMEC University.
The Secretary of State promoted opportunities for Just Solutions (JSi), a commercial NOMS spinout, to offer UK prison management experience to the Sao Paulo and federal government.
The visit also furthered our work to tackle corruption, which has already played a key role in developing Brazil’s new anti-bribery law. The Secretary of State launched a new FCO Prosperity Fund project with the Sao Paulo state government to implement recent legislative changes and develop best practice for state governments, giving life to the MoU signed during the PM’s visit.
The Lord Mayor also met with government and private sector leaders in the financial sector. There was significant interest in using the City of London to meet Brazil’s huge long-term financing needs. The Lord Mayor also signed a MoU with the Securities Regulator (CVM) to formalise cooperation in the Emerging Markets Capital Markets Taskforce launched by the Chancellor.
Both visits received good local press coverage. Corruption was the lead theme of the Secretary of State’s visit, including a front page splash and two-page interview which highlighted the UK role in Brazil’s new anti-bribery law in Brasil Economico, Brazil’s 2nd biggest economics and financial newspaper. Leading business daily Valor Econômico published the Lord Mayor’s op-ed and the largest circulation daily newspaper Folha de São Paulo reported on UK cooperation with Brazil in infrastructure, energy and education and the UK as an inward investment destination.
These visits followed the Chancellor’s visit in March and continued our efforts to help improve the business environment for UK companies in Brazil.
0.3 Disclaimer
The purpose of the FCO Country Update(s) for Business (”the Report”) prepared by UK Trade & Investment (UKTI) is to provide information and related comment to help recipients form their own judgments about making business decisions as to whether to invest or operate in a particular country. The Report’s contents were believed (at the time that the Report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by UKTI or its parent Departments (the Foreign and Commonwealth Office (FCO) and the Department for Business, Innovation and Skills (BIS)) as to the accuracy of the Report, its completeness or its suitability for any purpose. In particular, none of the Report’s contents should be construed as advice or solicitation to purchase or sell securities, commodities or any other form of financial instrument. No liability is accepted by UKTI, the FCO or BIS for any loss or damage (whether consequential or otherwise) which may arise out of or in connection with the Report.