RNH Academic Director, Professor Hannes H. Gissurarson, published an article online, both in 1818 and in Initiative for Free Trade, in December 2019 where he argued that there were ample opportunities for free trade between the United Kingdom once she left the European Union, and Brazil. Gissurarson first briefly explained why the UK had chosen to leave the EU. It was when the EU embarked upon political integration in addition to economic integration—when it began to transform itself from an open market to a closed state. The natural place of the UK should be with the three richest countries of Europe, Switzerland, Norway and Iceland.
Gissurarson who resides in Rio de Janeiro half the year pointed out that Brazil, with her large economy, should also be regarded with interest by the UK. However, despite some economic reforms implemented during the Presidency of Fernando-Henrique Cardoso, from 1995 to 2002, the Brazilian economy still remains overprotected and overregulated. It scores low on a competitiveness index, and maintains towering trade barriers. Nevertheless, the present government, under President Jair Bolsonaro and Finance Minister Paulo Guedes, wants to liberalise the economy and facilitate free trade.