Committees

President:

James Mohr-Bell

Mohr-Bell Business Planning

Vice-President:

Giovana Araújo

KPMG

The performance of the agricultural sector GDP was exceptional in 2025, with a record grain harvest of 346 million tonnes, a growth of 18% compared to the previous year, driven primarily by soya, maize, and cotton. This result contributed to increasing the country’s GDP growth, particularly in the first quarter of 2025.

The outlook for 2026 is more subdued, with an estimated small reduction of 1.8%, or approximately 6 million tonnes, whilst still maintaining a high volume, close to the record. This performance is expected to have positive impacts on domestic market supply and food inflation. For the sectoral GDP, growth of just over 3% is estimated for 2026, lower than in 2025, but above expectations for Brazil as a whole.

From the producer’s perspective, significant challenges persist, with strong cost pressures, falling agricultural profitability, and high indebtedness within a scenario of high interest rates. Income from crops is expected to fall in 2026, partially offset by gains in livestock, in a context of climatic uncertainty, decreasing margins in soya and maize crops, falling international prices, credit restrictions, and increased taxation.

The primary risk faced by the producer is the increase in losses in grain production amidst rising costs, a risk that may be exacerbated by the expansion of planted areas in crops with low or negative profitability. Despite this scenario, successive production records confirm continuous productivity gains, driven by investment in technology. Grain production has grown significantly more than the planted area, having doubled in volume over the last thirteen years.

Exports remain highly relevant, generating significant foreign exchange and trade balances. In 2025, soya exports reached a record 108 million tonnes, and beef exports were also a record, consolidating Brazil as the world’s largest producer and exporter. There is a favourable outlook following the signing of the free trade agreement between Mercosur and the European Union, which should expand and consolidate the Brazilian position in these markets, despite resistance and potential delays in implementation.

The machinery and equipment segment faced difficulties in 2025, with falling production, sales, and redundancies, reflecting the reduction in profitability and the high indebtedness of producers in a high-interest environment.

In this context, Britcham’s Agribusiness Committee intends to intensify the discussion and dissemination of topics of interest to the sector, maintaining support for cooperation initiatives between Brazil and the United Kingdom in agribusiness.

President:

Daniela Bauab

Individual Member

Vice-President:

Gustavo Jorge

Pearson

Perspectives for 2026

Emerging technologies; investment in human capital as a competitive advantage; inclusion, equity, and digital governance in access to new competencies, and mental health and well-being.

Emerging technologies: integrating artificial intelligence and other technologies in a way that strengthens, rather than replaces, people in the labour market. “Human-centric AI”

Human capital as a competitive advantage: investing in people as a driver of economic competitiveness and expanding programmes that support the development of socio-emotional competencies, critical thinking, creativity, and adaptability, in addition to technical skills.

Inclusion, Equity, and digital governance: Ensuring that the technological revolution does not deepen existing inequalities. Constructing regulatory frameworks and structures that ensure privacy and the ethical use of data.

Mental health and well-being: Promoting learning and work environments that support emotional balance, resilience, and a sense of purpose.

President:

Renata Sucupira

Sucupira Consultores

Vice-President:

Aloísio Andrade

PlusTrading

2026 demands short-term attention and medium- and long-term strategic vision. The international environment is undergoing profound transformations, marked by geopolitical volatility, the reconfiguration of trade relations, and the redefinition of economic alliances, elevating the role of international trade and investment in diplomacy, security, and sustainable development.

Since the beginning of the year, the external scenario has been marked by significant tensions, notably the arrest of Nicolás Maduro by the United States and other American foreign policy initiatives, such as tariff threats and strategic movements, evidencing a significant shift in the country's posture towards historical allies.

The combination of a tariff war, a revision of security commitments, and greater unpredictability in United States foreign policy is reshaping global geopolitical dynamics. In response, countries and economic blocs are seeking more pragmatic and diversified alliances, unlocking free trade and economic cooperation agreements, most notably the Mercosur–European Union agreement.

In this context, the United States presents itself as a less predictable power, while China seeks to position itself as a more stable actor and a defender of multilateral rules, increasing the complexity of the international environment and reinforcing the importance of diversifying strategic partnerships.

Partnerships with the United Kingdom and the European Union become particularly relevant for Brazil, which possesses natural resources, a consumer market, and a competitive workforce. The bilateral agenda with the United Kingdom stands out, especially the Double Taxation Agreement (DTA), whose entry into force would increase legal certainty and predictability for long-term investments.

On the domestic front, Brazil maintains relatively solid macroeconomic fundamentals, albeit with high interest rates, and faces a complex political calendar in 2026. Despite the challenges, the country presents ample room for expansion in world trade, requiring pragmatism, international integration, and a long-term vision to strengthen its global standing.

President:

José Augusto Leal

Castro Barros Advogados

The year 2025 proved to be extraordinarily revealing for Brazil, and our Committee’s sphere of activity was no exception to this trend.

In the field of digital security, we saw systems considered robust being compromised. PIX, a Brazilian innovation that has become a global benchmark for instant payments, became a target for cybercriminals commensurate with its popularity, resulting in the misappropriation of significant sums. This episode reaffirms an inescapable reality: no system is impregnable. The State fulfils its role, but it is private investment – whether independently or through public-private partnerships – that sets the pace of this ongoing battle between protection and attack. Every company operating in the digital environment must understand this deeply, for this race has no finish line.

For this reason, by 2026, digital security will cease to be an agenda item and become a strategic priority.

In the field of public security, the Committee monitored and had anticipated the rise in the use of drones by criminal organisations. Initially used for surveillance, this equipment has come to be actively employed against police forces.

Compounding the situation, organisations such as the PCC and the CV have long operated beyond regional borders. They are national structures with an international reach, rapidly evolving into transnational criminal conglomerates. This scenario poses a threat both to internal order and to Brazil’s image and stability abroad.

The response requires coordination between federal, state and municipal governments, with agility and consistency. Investment in countermeasure technology, financial blocking of these organisations and rapid response capabilities are not options: they are imperatives.

The Britcham Defence & Security Committee exists to bring together leaders from the public and private sectors to address these issues, produce analyses, propose solutions and influence decisions. In 2026, the time has come for action. And there is still time to act.

President:

Alan Lutfi

Rentável – XP Investimentos

Vice-President:

Jéssica de Alencar Araripe

Machado Meyer Advogados

Global environment and the Brazilian outlook

Looking ahead to 2026, the Economics & Finance Committee expects the global environment to remain characterised by high geopolitical tensions and political turmoil, particularly in the United States, but with relatively solid economic performance. The IMF has revised its forecast for global GDP growth to 3.2% in 2025, in line with 2024, with no materialisation of recession risks in the US or systemic stress in China, allowing for interest rate cuts of varying magnitudes. For 2026, the estimate is for global growth of 3.1%, with possible lagging effects from tariffs.

In Brazil, the October election schedule is set to shift the economic debate, with a contest expected between established politicians, suggesting greater moderation following a period of polarisation. In this context, the effects of the income tax reform and the fiscal risks typical of an election year will remain on the Committee’s radar.

The appreciation of the real in 2025, combined with the global fall in the dollar, monetary easing in the US and cheaper commodities, helped to cool inflation and create technical scope for interest rate cuts. In 2026, the Central Bank is likely to reduce the Selic rate, although expansionary fiscal policy will make it difficult for the nominal rate to return to single digits, with the potential to reignite the capital markets and infrastructure investment.

Among the priority agendas, investments in data centres stand out, driven by digitalisation, artificial intelligence and the ReData legal framework, with estimates of up to R$2 trillion in the coming years, in addition to investments in energy, sanitation and transport. The reform of dividend taxation, in force since January 2026, is also expected to require adaptation by companies and investors and will remain a topic for the Committee to monitor.

Brazil–United Kingdom

In the post-Brexit context, the United Kingdom is seeking to regain momentum by leveraging competitive advantages and an infrastructure investment agenda accelerated by the Planning and Infrastructure Act 2025, opening up opportunities for British and Brazilian companies. The Economy & Finance Committee will also monitor progress on the agreement to avoid double taxation between Brazil and the UK, signed in 2022 and pending ratification in Brazil, which is considered one of the main institutional pillars of the bilateral relationship, with the potential to reduce costs, enhance legal certainty and catalyse investment, particularly in strategic mining and critical minerals.

Conclusion

In 2026, the Committee’s focus will be on the capacity to deliver on priority agendas. In Brazil, this involves preserving macroeconomic stability in an election year; in the UK, advancing the infrastructure agenda; and, on the global stage, monitoring the maintenance of moderate growth and keeping inflation under control.

President:

Leonardo Miranda

TozziniFreire

Vice-President:

Monique Gonçalves

Shell

The year 2026 will continue to be critical for the energy sector. Within a scenario marked by geopolitical uncertainties, the need for energy security, and the acceleration of the transition to a low-carbon economy, Britcham’s Energy Committee understands that strategic dialogue and international cooperation will be increasingly decisive. The consolidation of stable regulatory frameworks, the stimulation of long-term investments, and the incorporation of technologies such as digitalisation, energy efficiency, and decarbonisation solutions will be central to facing challenges and capturing opportunities in the next cycle.

In this context, the bilateral relationship between Brazil and the United Kingdom gains even more relevance. The complementarity between Brazil’s energy potential and British expertise in innovation, sustainable finance, and regulation creates a solid foundation for strategic partnerships. In 2026, Britcham’s Energy Committee will continue to act as a space for dialogue and cooperation, promoting initiatives that strengthen the business environment, including the holding of the XXII International Energy Seminar.

President:

Fabio Câmara

Contracta Engenharia

Vice-President:

Paulo Dantas

Castro Barros Advogados

Brazil has been recording consistent growth in infrastructure investment, reaching approximately R$ 280 billion in 2025, according to the ABDIB 2025 Infrastructure Blue Book. Nevertheless, a significant gap persists against the estimated requirement of roughly R$ 500 billion per annum, a disparity that is being gradually narrowed.

This recent cycle is characterised by a structural shift in funding sources: public investment accounts for about 16% of the total, while the private sector represents approximately 84%, underscoring the central role of private capital following the halving of public investment over the last decade.

Among the top-performing segments, basic sanitation stands out, with growth exceeding 35% in 2025, driven by concessions, PPPs, and the new regulatory framework. The increasing use of capital market instruments, such as incentivised debentures, has partially offset the contraction in public investment, while BNDES disbursements remain steady at around R$ 50 billion annually.

The widest investment gap lies in transport and logistics, particularly within the rail sector, which received less than R$ 16 billion in 2025 against an annual requirement exceeding R$ 70 billion. There are approximately R$ 180 billion in rail projects currently under development, alongside an annual gap of over R$ 50 billion in waterborne logistics, creating prime opportunities for Brazil–UK cooperation.

For 2026, infrastructure investment is expected to grow by a further R$ 20 billion, potentially reaching approximately R$ 300 billion. In this context, the joint efforts of Britcham, the DBT, and UKEF are strategic to increasing the flow of international investment and deepening bilateral cooperation.

President:

Leonardo Alfradique

Machado Meyer Advogados

Vice-President:

Anderson Jardim D’Avila

Mattos Filho

Com a entrada em vigor da Lei Complementar 214 em janeiro de 2025, se inicia a efetiva implementação da reforma tributária brasileira sobre o consumo, transformação que reverbera diretamente nas operações de comércio internacional. A substituição de tributos indiretos por um sistema de IVA dual, com a eliminação do resíduo tributário, promete tornar as exportações brasileiras mais competitivas. Contudo, a implementação dessa complexa reforma ocorre em conjuntura desafiadora: 2026 será ano de eleições gerais no Brasil.

Paralelamente à reforma tributária sobre o consumo, persiste um vácuo jurídico significativo nas relações bilaterais Brasil-Reino Unido. O acordo para evitar a dupla tributação, assinado em novembro de 2022 e aprovado pelo parlamento britânico em julho de 2023, ainda aguarda ratificação pelo Congresso brasileiro. A demora na ratificação não apenas frustra investidores de ambos os lados. Com a aproximação das eleições, esse tópico pode seguir sem definição.

O momento tributário brasileiro exige atenção redobrada de operadores do comércio internacional. A convergência entre a modernização do sistema tributário doméstico e a eventual ratificação do acordo bilateral pode criar um ambiente significativamente mais favorável aos negócios transnacionais. Contudo, o ano eleitoral de 2026 introduz elemento de volatilidade que não pode ser ignorado. Para que as promessas se concretizem, será essencial não apenas a conclusão do arcabouço normativo, mas também maturidade política para blindar a agenda tributária de instabilidades conjunturais, assegurando que o compromisso com a facilitação do comércio e investimentos mútuos sobreviva aos humores do calendário eleitoral.

Do ponto de vista de negócios, as decisões de investimento em 2026 deverão refletir postura cautelosa, com investidores especialmente atentos à capacidade institucional do país de assegurar estabilidade regulatória, continuidade de políticas públicas e segurança jurídica em um contexto eleitoral. Nesse cenário, setores com maior previsibilidade normativa e alinhamento estratégico - como energia e transição energética, agronegócio, infraestrutura, economia digital, serviços financeiros e indústrias exportadoras - tendem a concentrar o interesse do capital estrangeiro. A consolidação desses vetores será determinante para que o Brasil se afirme como destino competitivo para investimentos produtivos e para o aprofundamento de sua integração econômica internacional.

Esses, dentre outros tantos temas jurídicos, certamente seguirão no radar do nosso Comitê para o ano de 2026.

President:

Ricardo Zibas

ERM

Brazil and the United Kingdom: Sustainability in Motion – Trends for 2026

As 2026 begins, the partnership between Brazil and the United Kingdom is consolidating as a strategic axis for the green transition on a global scale. The political foundations established between the two nations, coupled with innovative financial instruments, reinforce the shift from climate commitments to concrete results.

Following Brazil's leading role at COP30 in Belém, the implementation of Paris Agreement targets is progressing. The UK is emerging as a key partner in developing transparency metrics and bilateral execution plans. In 2026, integrated governance takes centre stage, connecting ministries, state-owned banks, and technical agencies to bolster the effectiveness of climate policies.

In the field of sustainable finance, Brazil made its debut on the London Stock Exchange with sovereign sustainable bonds and is poised to expand thematic issuances. The UK, in turn, is advancing with robust regulatory standards, such as the UK SRS and SDR, alongside UK Export Finance credit lines, broadening Brazilian companies' access to international capital aligned with ESG criteria.

The bioeconomy and low-carbon agriculture are also gaining prominence. Initiatives focused on sustainable fertilisers, certified production chains, smart nitrogen management, and digital traceability complement British support via UK PACT, integrating technology, biodiversity, and social inclusion.

In industrial and maritime decarbonisation, emission-intensive sectors such as steel and cement are moving forward with hubs based on green hydrogen and carbon capture. In shipping, green corridors between Brazil and the UK are paving the way for low-emission routes and pilot projects with long-term contracts.

Scientific cooperation is also intensifying, focusing on biodiversity, climate health, and biomaterials, linking universities, businesses, and governments to translate research into real-world impact.

Far more than a diplomatic agenda, these trends represent tangible business opportunities, such as access to green finance, integration into low-carbon global chains, and participation in innovative projects. In 2026, Brazil and the United Kingdom enter a phase of large-scale execution, where bilateral collaboration is cemented as a driver of competitiveness, innovation, and sustainable growth.

President:

Adriano Trindade

Mattos Filho Advogados

Vice-President:

Luis Azevedo

VTF Mineração

2026 is poised to place the mineral sector at the heart of economic, industrial, and security agendas, within a landscape of heightened geopolitical tension, an accelerated energy transition, and increasing demands for robust governance. Brazil, possessing significant geological potential, stands to attract the attention of countries consuming critical minerals, provided it addresses well-known bottlenecks such as regulatory uncertainty and the institutional strengthening of the National Mining Agency (ANM).

Competition for critical minerals has established itself as a cornerstone of economic geopolitics, with policies directed towards reducing dependencies and reorienting value chains, particularly in processing and refining. The energy transition remains the primary structural driver of demand for minerals such as copper, rare earths, lithium, nickel, cobalt, and graphite, with projections indicating a sharp expansion in consumption through to 2040.

Demand for these minerals extends beyond energy, reaching sectors such as defence, surveillance, data storage, and infrastructure, reinforcing the multifaceted nature of the agenda. In 2026, prices continue to be influenced by geopolitical shocks, logistical and environmental constraints, and capital costs, sustaining high levels and volatility associated with licensing and the commencement of new projects.

Globally, there is growing pressure to accelerate research and exploration, as well as for specific financing mechanisms, given the need to expand the project pipeline. In Brazil, criticism persists regarding the unpredictability of licensing, which impacts investment decisions and the cost of capital.

On the domestic front, 2026 is an election year, with potential effects on regulatory and governance priorities. The critical minerals agenda has progressed in Congress, with proposals to establish the National Policy on Critical and Strategic Minerals, while the Executive has created the National Mineral Policy Council and is working on the 2050 National Mining Plan.

The ANM enters 2026 with a dense regulatory agenda but still lacks technological modernisation and capacity building to ensure speed and predictability. Strengthening integrity, oversight, and transparency is essential for legal certainty and attracting investment.

In summary, the mineral sector in 2026 combines strategic competition, pressure for new discoveries, and institutional constraints. In Brazil, capitalising on this conjuncture will require regulatory predictability, the strengthening of the ANM, and a mining-industrial strategy capable of transforming the potential of critical minerals into a lasting competitive advantage.

President:

Marcia Cicarelli

Demarest Advogados

Vice-President:

Paulo Mantovani

WTW

2026 presents itself as a turning point for the business environment, risk management, and the insurance market in Brazil. Following a cycle defined by debate and policy formulation, the central challenge shifts to execution. Regulatory, technological, climatic, and geopolitical trends are gaining density and urgency, demanding structural decisions.

Brazil possesses competitive advantages but faces difficulties in translating potential into results. The defining characteristic of 2026 lies in the convergence of regulatory modernisation, pressure for operational efficiency, and the need for integrated responses to interconnected risks.

In the regulatory field, 2026 marks the transition from discourse to practice. The enactment of the new Insurance Law and legislation regarding cooperatives and mutual operations is reshaping the market and raising technical and institutional responsibility, shifting the focus towards implementation through consistent internal processes, clear contracts, and aligned practices.

The primary risk is a misalignment between regulation and practice, with points still open to interpretation, particularly regarding large risks. In this context, the sub-regulatory agenda assumes a central role, as legal certainty depends on predictability in the application of guidelines.

In parallel, the global environment remains under pressure from interconnected risks, such as extreme weather events, cyberattacks, advancements in artificial intelligence, geopolitical tensions, and supply chain disruptions. Technology enhances efficiency but also increases risk exposure, requiring more sophisticated approaches.

In this scenario, insurance plays a strategic role as an infrastructure for economic and social resilience, with more flexible products, parametric solutions, and greater use of data. The reinsurance market demands contractual and governance adjustments to align local practices with international standards.

The regulation of cooperatives is expected to intensify competition and stimulate innovation. Among the structural opportunities, the consolidation of Brazil as a digital infrastructure hub stands out, driven by a renewable energy matrix, technological progress, and access to green finance.

ESG is entering a more pragmatic phase, while the talent shortage reinforces the importance of international cooperation. The relationship between Brazil and the United Kingdom is expected to deepen in insurance, reinsurance, green finance, and climate resilience.

In summary, 2026 will be a period of structural choices. Execution, regulatory maturity, integrated risk management, and international partnerships will be decisive in transforming potential into results, with insurance consolidating its position as a pillar of stability and resilience.

President:

Andrea Splendore

Convatec

Britcham’s Health Committee is focused on addressing the emerging and strategic themes that will shape the public and private health landscape. With the transformation accelerated by the Covid-19 pandemic, telemedicine and health apps emerge as fundamental tools for the agile delivery of services and the promotion of self-care. The committee will focus on discussing the impact of these technologies on the management of the health and well-being of the population, seeking to promote effective strategies in line with international best practices.

In addition, the strengthening of health policies in Brazil, such as the large-scale vaccination campaign and the More Doctors program, will be closely monitored, with the aim of consolidating and improving the initiatives already underway.

The committee’s activities will be aimed at providing valuable insights to members, promoting discussions and sharing knowledge relevant to the health sector in the Brazil-UK agenda.

President:

Luciano Moraes

Individual Member

Vice-President:

Luiz Felipe Di Sessa

Mattos Filho

UK–Brazil in 2026: Transforming Convergence into High-Impact Projects

The relationship between the United Kingdom and Brazil enters 2026 with significant momentum, underpinned by bilateral trade at record highs and a policy architecture conducive to clean energy, digital finance, neo-industrialisation, and applied science. According to the Department for Business and Trade (DBT), total UK–Brazil trade reached £13.4 billion in the 12 months to the end of the second quarter of 2025, an 11.1% increase over the previous year, reinforcing the need to convert this dynamism into projects with defined timelines, targets, and impact.

In the energy transition, Brazil is well-positioned to expand its clean matrix and develop offshore wind and green hydrogen, areas where the United Kingdom holds leadership in engineering, ports, market design, and financing. Estimates indicate high technical potential for Brazilian offshore wind, whilst instruments such as UK Export Finance (UKEF) can mitigate risks and accelerate investment decisions. London is poised to consolidate its status as a premier platform for Brazilian ESG issuances, supporting infrastructure projects and industrial decarbonisation.

In the financial sector, the advancement of Open Finance and PIX broadens opportunities for British fintech and regtech firms, particularly in interoperability, risk analytics, and payment orchestration, supported by regulatory dialogue and shared standards.

In industry and technology, the ‘Nova Indústria Brasil’ plan and incentives for the semiconductor chain align with British expertise in smart manufacturing, secure cloud, and deep tech. The progress of AI governance in Brazil creates a favourable environment for UK companies already adapted to rigorous regulatory frameworks.

Bioeconomy and agritech gain prominence with COP30 and the Brazilian national strategy, opening space for cooperation in traceability, certification, logistics, and market access, with a focus on integrity and transparent metrics. In the realms of Digital Health and Life Sciences, bilateral memoranda and academic partnerships are catalysing applied innovation.

Further strategic verticals include Space and Earth Observation, Cybersecurity, and Trade Facilitation, domains where British expertise delivers distinct value. Simultaneously, the evolution of the EU–Mercosul agreement increases the urgency for effective bilateral instruments.

Conclusion

The UK–Brazil corridor is consolidating as an integrated system articulating energy, finance, industry, technology, health, and nature. The challenge for 2026 is execution: transforming agreed agendas into deliverable projects. Companies that move forward with local partnerships, interoperable technology, and verifiable impact models will be best positioned for the next phase of bilateral innovation.