The Minister also highlighted the Republic's strong links with Asian giants, China and India, as well as its position as major investors in countries such as Vietnam, Myanmar, Malaysia and Indonesia. He also pointed to Singapore's standing as a major financial, manufacturing and logistics hub and its consistent ranking as one of the best cities in the world for business. Warm invitations were sent out for more business between the two Latin American economies and Singapore, and through Singapore with other Asian countries. There was also the recognition that both Brazil and Chile can serve as gateways, providing access to markets in the region. Brazil is a member of the Mercosur group of countries which also includes Argentina, Paraguay and Uruguay.
Chile is an associate member.
The Brazilian economy is on the road to recovery from its economic downturn last year and the devaluation of the real in January 1999. With continued assistance from international organisations, Brazil is expected to continue moving toward greater financial and economic stability. Total trade grew three times as fast as GDP from 1985 to 1990 and nearly twice as fast from 1991 to 1998. The land of samba currently stands as a major trading partner for Singapore. Based on trade figures recorded last year by Singapore's Department of Statistics, Brazil was Singapore's third-largest trading partner in Latin America, after Mexico and Panama.