Russia, Brazil Set up Business Cooperation Council

Russia and Brazil found a way to put their relations in perspective by setting up a bilateral Business Cooperation Council. An agreement to this effect was reached during the visit to Brazil of Mikhail Kasyanov, the Prime Minister of Russia, in December 2001 and that of Fernando Kardozo, President of Brazil, to Russia in January 2002.

According to Russia's Foreign Ministry, the creation of the council is of fundamental importance for the further development of a partnership between the two countries. The new council is supposed to 'promote the interests of entrepreneurs while coordinating their interaction with the state agencies of Russia and Brazil' and 'introducing such forms of interaction as industrial cooperation and joint production'.