Pedro Sanchez y Luiz Inácio Lula da Silva Not only do they share an effort to unify progressive governments that swim against the ideological current in both Latin America and Europe. As presidents of Spain and Brazil They also try to boost bilateral relations in all its aspects. The interest in expanding them is evident in the meeting that will be held this Friday in Barcelona, before the IV Meeting for Democracy in which other international leaders will participate.
The links between Madrid and Brasilia gave a significant leap from the 1990sthe years marked by Ibero-American events at the highest political level. At that time a first wave of Spanish investments in the South American giant. The economy and business were the factors that led to greater rapprochement. Currently, Spain is the second largest foreign direct investor in Brazil. It is the fifth global destination for Spanish investment, accumulating some 41.6 billion euros. Flows have remained at an average of 2,795 million euros annually over the last decade. In 2023, trade exchange reached almost 10,000 million euros, with a favorable balance to Brazil. Its exports totaled 6.6 billion euros. Oil and soybeans represent 60% of shipments. A year later, bilateral trade amounted to 10,587 million euros.
Since the launch of the Strategic Partnership Plan Within the framework of the XIII Ibero-American Summit in 2003, relations took a qualitative leap. Starting in 2005, the commitment to carry out annual meetings between presidentsas well as semiannual consultations between the vice foreign ministers and meetings at other levels of the administration. Seven years later, in 2012, the Madrid Declaration was signed, based on which a Ministerial Commission for Political Dialogue (CMDP) for the purpose of continually evaluating the agreements.
King Felipe VI visited Brazil in 2007 and 2014, still as Prince of Asturias. He returned to the South American country as monarch to attend the inauguration of President Lula, on January 1, 2023. The return of the leader of the Workers’ Party (PT) to the Government, after 580 days of prison ruled within the framework of a controversial judicial case, renewed the dynamism of relations that during the era of the extreme right Jair Bolsonaro They went through a less favorable stage.
The Sánchez-Lula era
The same year as his presidential inauguration, the former union leader visited Madrid and a year later Sánchez returned the attention with his trip to Brazil. In that March 2024, the Monitoring Statement of the Renewed Brazil-Spain Strategic Partnership. There is also a Permanent Bilateral Commission (CPB) that seeks to guarantee greater speed in the implementation of the commitments made at different levels: trade, investments, finances, infrastructure and tourism; technical cooperation; defense; education and culture; science, technology and innovation; environment and energy; consular and immigration matters; and the fight against crime.
The return of Donald Trump to the presidency of the United States and the launch last year of his trade war have forced many countries to reorganize their commercial interests. Commercial transactions that year experienced a drop: They reached 9,698 million euros. In January 2026, Spain exported 165 million euros (packaged medicines, perfumes, industrial machinery and other products), which represented a decrease of 21.7% compared to January 2025. At the same time, it imported 420 million (oil, copper and coffee, especially).
Political and personal harmony between Sánchez and Lula creates, according to some specialists, conditions for Spain and Brazil to strengthen their collaboration and complementarity. In fact, both met last July in Santiago de Chile, within the framework of the In Defense of Democracy summit launched by the then president, Gabriel Boric. Lula and Sánchez met again last September when they led, together with Boric and the Colombian Gustavo Petroa parallel event to the UN General Assembly. On that occasion they called to “reinforce global democracy.”
By the way, There are several Spanish companies that have carried out important operations in Brazil in recent months or that they returned to settle after years of withdrawal. Iberdrola announced an agreement to acquire 30.29% of Neoenergía from Previ for approximately 1,880 million euros. Unlike what has happened in Argentina, Peru, Uruguay, Colombia and Chile, the Brazilian market is fundamental for Telefónica. Your subsidiary Vivo It has 116 million clients. Telefónica has proposed acquiring 50% of the fiber optic infrastructure and services firm FiBrasil. It had already purchased Samauma Brands Comércio, which produces and markets cell phone accessories. Important movements have been made CIE Automotive, Aena and Viscofan. On a financial level, the Santander It has become the fifth bank in Brazil. BBVA, meanwhile, already has a headquarters in Sao Paulo. And Mapfre considers the Brazilian market as its second largest income generator, after Spain.
Subscribe to continue reading
