Representatives of Keidanren and the Brazilian National Confederation of Industry (CNI) came together for an online Brazil-Japan Business Council Plenary Meeting over two days on November 9-10, 2021. The Japanese delegation, led by Tatsuo Yasunaga, Chair, Japan-Brazil Economic Committee of Keidanren, consisted of approximately 170 business leaders. The Brazilian delegation, led by Eduardo de Salles Bartolomeo, Chairman, Brazil Japan Business Council of CNI, consisted of about 40 business leaders.

The delegations discussed the prospects for the economic recovery that arise as the COVID-19 pandemic begins to recede. They renewed their commitment to working together to address the important challenges faced by both countries, such as developing infrastructure, promoting digital transformation, creating a virtuous circle between economic activities and response to climate change and enhancing trade and investment flows with a priority on food and energy security.

Japan and Brazil share common values of freedom, human rights, democracy, and the rule of law. Building upon traditional relations based on these values, Japan and Brazil have become mutually complementary business partners. Yet there are a lot of vast and untapped opportunities. On one side, Brazil has the potential to supply many more resources, foodstuffs, livestock feed and intermediate goods, and attract greater Japanese investment in the services, manufacturing, and agriculture sectors. On the other, there is room for Japan to export more manufactured goods that will help increase Brazil's competitiveness and increase market share in the country.

With the aim of further deepening and developing this relationship in the future, it is essential to promote the free movement of people, goods, capital, services and data between Mercosur and Japan. A Mercosur-Japan Economic Partnership Agreement (EPA) is a long-overdue objective that enjoys broad support from the private sector. An ambitious and comprehensive EPA will help to build mutually beneficial economic ties between Japan and Mercosur, contributing to our development and prosperity.

The business communities of Japan and Brazil therefore call for the prompt launch of a joint study group with a view to concluding a Japan-Mercosur EPA. We call on the governments to exert their strong leadership to move expeditiously toward this objective. As representatives of the business communities in Japan and Brazil we will continue to work constructively with the governments of our countries to facilitate this process.