RIO DE JANEIRO, October 1. /TASS/. Russian-Brazilian trading relations need to be actualized in accordance with the natural changes in the markets of both countries and the new pandemic-related realities, Russian ambassador Alexei Labetsky told TASS.

"We are perfectly aware that the basis of our trading relations with Brazil was laid a long while ago. The markets of Russia and Brazil and the international markets have changed. Business people should get together and look at what changes have taken place and how to go about our trade and cooperation in the new conditions," Labetsky said.

He sees one of the instruments for coping with such tasks in the inter-governmental commission for trading, economic, scientific and technological cooperation, due to meet in session in Brasilia on October 25 and 26.

"We are getting ready for this event. A large delegation is expected here," the ambassador said, adding that it was also important to take into account the opinion of the business community, of the Russia-Brazil Business Council in particular.

Labetsky believes that the diversification of Russian export to Brazil should bring about greater export of engineering products, high-tech items and latest knowhow.

"We do realize that certain restrictions exist. The situation that has taken shape in the economy as a result of the COVID pandemic requires fresh analysis and we are working on this," he concluded.

At the beginning of September, Brazil's President Jair Bolsonaro said his country would like to diversify export to Russia. According to Brazil's Ministry of the Economy Russian-Brazilian trade in the first eight months of this year totaled about $4.2 billion, which is 55% more than a year ago. The share of Russian export in the structure of bilateral trade grew by 90% in contrast to the same period of 2020 to $3.2 billion. Mineral fertilizers account for more than half of the Brazilian import from Russia, while farm produce accounts for the bulk of Brazil's export to that country.