Brazil was backed by the British government to join the Organization for Economic Co-operation and Development (OECD), the group formed by the globe's most industrialized countries. The support was announced by UK Chancellor of the Exchequer Philip Hammond, who met with Brazilian Finance Minister Henrique Meirelles Monday (Jul 31).

“I receive Brazil's request to join the OECD,” Hammond said in a joint statement with Meirelles. The chancellor also reported he has $105 million to offer Brazil in efforts to reduce poverty.

Hammond noted that the UK is Brazil's fourth biggest and is interested in forging trade deals with traditional partners after the country leaves the European Union. This was the second meeting held by leaders from the economic staff of Brazil and the UK, who also talked about infrastructure investment, financial services and improvements in the business environment. The first Brazil-UK meeting took place in 2015, in London.

The British leader said he supports the opening of the Brazilian economy and the efforts under the micro-economic overhaul (to cut red tape) which, he says, will enhance the opening of business in the country. Hammond announced that the British government is ready to offer credit lines to boost environment projects in the country.

Adding that the UK is among Brazil’s key partners, Meirelles said that the recovery of the Brazilian economy makes room for investment in infrastructure concessions to be auctioned later his year, for energy, oil, and natural gas. “Our meeting was really profitable. We addressed a number of important issues, not just for the Brazilian economy, but also for bilateral ties,” the finance minister said.

Also discussed were the exchange of tax data between Brazilian and UK nationals, insurance, reinsurance, green finance, as well as technological exchange aimed at enhancing financial services.