BRAZIL

BUDDY GROUP 7

MIHIKA VIRMANI - 74021019755

 Introduction
Brazil, the country of South America, is formally called as Federative Republic of Brazil. It
occupies half the continent’s landmass. Its population is up to 21.1crores according to World
Bank indicators. Retired army officer Jair Bolsonaro won a victory over the centre-left
Workers' Party in the October 2018 presidential election and took over the office in January
2019. Brazil's name has come from the pau-brasil, Portuguese for Brazil tree, the country's
national tree and a natural resource that contended a crucial role within the economic
development of the nation. Brazil is the one and only Portuguese-speaking nation in the
Americas, picturing the language an important part of Brazilian national identity and giving it
a national culture distinct from those of its Spanish-speaking neighbours. Brazil's border
touches all the countries on the South American continent except Chile and Ecuador. Brazil
was the last country in the US to get rid of slavery, in 1888. Following three centuries
beneath the rule of Portugal, Brazil became an independent nation in 1822. So far, the largest
and most populous country in South America, Brazil has overcome more than half a century
of military intervention in the governance of the country to acquire industrial and agricultural
growth and development of the inside. Exploiting huge natural resources and a large labour
pool, Brazil became Latin America's leading economic power by the 1970s. But highly
unequal income distribution remains a pressing problem. Football – soccer – is by far the
most popular sport in Brazil, and the men's national team has performed a record breaking
achievement by winning five World Cup championships. Then talking about the climate of
Brazil that comprises a huge range of weather conditions across a large area and varied
topography, but most it is tropical. In 2020 the government of Brazil pledged to cut back its
annual greenhouse gases emissions by 43% by the year 2030. Brazil has also set an indicative
target of reaching carbon neutrality by the year 2060 if the country gets 10 billion dollars per
annum. The political-administrative organization of the Federative Republic of Brazil
comprises the Union, the states, the Federal District, and the municipalities. The armed forces
of Brazil are the largest in Latin America by active personnel and the largest in terms of
military equipment. Tourism in Brazil is a growing sector and key to the economy of many
regions of the country. The country had 6.36 million visitors in 2015, ranking in terms of the
international tourist arrivals as the main destination in South America and second in Latin
America after Mexico.
The COVID-19 pandemic made Brazil face an unprecedented health and economic challenge.
To get a hold over the pandemic, Brazil implemented social measures to slow the spread of
the virus and contain its impact on the health system capability, which is uneven across the
country. COVID-19 hit as Brazil was still recovering from its 2014-16 recession. Economic
recovery remained weak and financial policy space restricted since the increase of the
recession in 2015-2016, with GDP growth below 2 percent in the following years.

BRAZIL – PESTEL ANALYSIS

Political factors affecting Brazil

Brazil is one of the largest democracies in the world and the most powerful country in South
America. Many political analysts indicate that Brazil may become a superpower in the future.
 Alliances
Brazil is a member of many international organizations and unions- United Nations, OECD,
BRICS, WTO, G20, IMF, WORLD BANK. Brazil shares good economic and political
relations with the US and other neighboring countries.
 Government system
There is a federal republic democratic system of government and administration in Brazil. It
consists of 26 states and the Federal District of Brasilia.
 Corruption
Brazil is facing a severe corruption issue. It falls at the 94th position out of 180 countries
according to the ranking of Transparency International 2020. Corruption may be one of the
biggest barriers to economic development in Brazil.

Economic factors affecting Brazil

 GDP
Brazil grew significantly between 2002 and 2013. However, it entered recession in 2015, the
growth rate fell to -3.8%. Brazil saved itself and in 2017, it saw a growth rate of 1.4%.
In 2020 the annual nominal GDP was 1.363 trillion dollars; this is the 13th highest in the
world. However due to the covid 19 pandemic, the income and growth have fallen.
 Productive industries
Brazil ranks number the first in the top ten countries producing coffee in the world. It
produces around 33 million bags each year. It is one of the largest sugar producer and
exporter. ¼ of the sugar produced by brazil is used for local needs, while ¾th of it is exported
to over than 100 countries all over the world.
 Imports and exports
The top exports of Brazil are raw sugar, iron ore, cars, and soybeans. The top imports are
vehicle parts, petroleum, and cars.
Brazil mostly exports to the United States, China, and Argentina, while the top import
destinations are Germany and South Korea.
 Taxes and unemployment
A few challenges faced by Brazil today are the tariff and non-tariff barriers, the complicated
tax system, and the current economic crisis. In 2020, the unemployment rate in Brazil was
13.4% and it would increase to 14.1% due to the economic impact of the pandemic.
 Foreign Direct Investment
Brazil is the world’s fourth largest receiver of FDI. Brazil is a member of BRICS (Brazil,
Russia, India, China, and South Africa), this purpose of this is to increase the foreign direct
investment.

Social factors affecting Brazil

 Poverty and crime
10% of the people still live-in poverty. There is a significant gap between the rich and the
poor.
 Social issues
Millions of children lack basic education, healthcare system and housing. Many children live
in dreadful conditions in slums and are exposed to crime. There is also some extend of
discrimination based on gender in Brazil.
 Demography
Brazil has a population of around 213 million. The life expectancy for men and women is 72
and 79 years respectively. It is one of the world’s highest diverse country- 89% people follow
Christianity, 8% are atheists and 2% believe in spiritism.

Technological factors affecting Brazil

 ICT growth
Brazil has one of the world’s largest information and communication technology consumer
market (ICT)
  Social media
Brazilians are one of the most enthusiastic social media users. More than 50% of the people
are engaged in online activities. Brazil is the 5th largest user of mobile phones and internet in
the world.

Legal factors affecting Brazil

It is not a requirement in Brazil’s legal system, to have an employment contract. However, it
is common for writing a contract and signing it. Brazil encourages foreign direct investment,
but it puts restrictions in some areas- financial institutions, nuclear energy, investing in postal
services.

Environmental factors affecting Brazil

 Tourism
Tourists from across the world are attracted to the Brazilian tourism industry, which is
rapidly growing. It is one of the most beautiful countries in the world.
 Environmental issues
Brazil is facing certain issues of oil spills, air pollution, water pollution, deforestation, and
illegal poaching. The government is taking many environmentally friendly initiatives.

INTERNATIONAL BUSINESS OPPRTUNITIES IN

BRAZIL

Brazil makes up half South America and is that the fifth largest country within the world. The
country has an estimated population of 197,000,000, 46% are Internet users, and 59,000,000 are
Facebook users. Brazil may be a ripe and robust market offering excellent growth opportunities for
exports. it's also a part of the emerging–or developing markets–which include large economies like
the BRICs: Brazil, Russia, India, and China.

In 2019, China was Brazil’s largest source of imports followed by the U.S, Argentina, Netherlands,
and Japan. The key sectors of the Brazilian market with higher-than-average growth are air transport,
telecoms, oil and gas, and mining.

For foreign investors, one among the foremost exciting opportunities in Brazil is that the Brazilian
Investor Visa Program. It allows anyone in partnership with a Brazilian company, also as anyone
curious about investing in an Internet-based business, land , or curious about purchasing a bond , the
opportunity to achieve permanent residence.
Once the visa is granted, which may be a relatively easy process, investors can easily travel
throughout the of South America and even gain full Brazilian citizenship after four years of residency.
Other benefits of the investor visa include the power to measure and add Brazil for both the individual
and their family, access to an equivalent rights and benefits as a Brazilian citizen, and no restrictions
on the quantity of your time one must remain in Brazil for these residency benefits.
For those within the e-commerce space, Brazilians spend a substantial amount of your time online,
which presents some exciting opportunities for companies during this rapidly developing market.
Brazilians spend roughly 32-38 hours per month online, and longer on social media than anyone else
within the world. 37% of Brazil’s online consumers are over the age of 35, which provides unique
opportunities for retailers curious about reaching an older demographic online. A majority of
Brazilians also are accessing the web through their smartphones, driving innovative opportunities for
mobile-friendly shopping and online payment solutions.

Major Growth Sectors of Brazil

Major industries include iron and production, automobile assembly, petroleum processing, chemicals
production, and cement making; technologically based industries are the foremost dynamic in recent
years, but haven't outpaced traditional industries.

Brazil mines and refines petroleum products. The country in 2002 had 13 oil refineries.
Brazil has the most important textile industry in South America in terms of installed capacity and
output, with nearly half the spindles and looms operational on the continent. The Brazilian pulp and
paper sector is additionally large, consisting of quite 220 companies, which together employ
approximately 80,000 people in industrial operations, also as another 57,000 in forestry work and
operations.

The composition of Brazil’s economy reflects the dominance of its service sector, which composes
nearly 65% of its GDP.7 Industry is that the secondary sector and contributes towards a touch but
one-fifth of the GDP. Brazil’s agriculture sector has composed roughly 5% of the country's GDP since
the 1990s.
Having the fifth biggest population within the world, Brazil saw the health market as a requirement .
Almost 10% of the country's GDP were invested within the healthcare in 2015, which is a rise of fifty
from 2006. The country expect to possess fifth largest market until 2021, surpassing the united
kingdom and France, opening the world to the foreign investment.

Major Trading Partners of Brazil

Brazil primarily exports soybeans (11.6%), petroleum oils (10.7%), iron ores (10.1%), maize
(3.2%), and chemical wood pulp (3.1%), while its primary imports are petroleum oils (9.9%),
tractor, automobile parts and accessories (2.6%), electrical apparatus for line telephony
(2.5%), floating vessels (2.5%), and electronic components like telephony (2.5%) and
integrated circuits, etc. (2.3%). While Brazilian exports remained relatively stable in the face
of the pandemic, boosted mainly by increased demand for agricultural goods from Asian
countries and a depreciated real, the unprecedented drop in import volume - with the major
reduction observed in fuels and lubricants - as a result of lower domestic demand amid the
economic crisis triggered by the pandemic.
In 2020, Brazil shipped an estimated $209.8 billion in goods around the world. This figure
represents a -6.3% decrease from 2019 but a 13.3% increase since 2016. Brazilian exports
account for approximately 1.1% of total global exports in 2019, which are estimated to be
$18.709 trillion (as of February 16, 2021). By value, 52.8% of Brazil's exports were delivered
to Asian countries, 16.8% to European importers, and 14.1% to North America. Smaller
percentages went to Latin America (excluding Mexico but including the Caribbean) (12.1%),
Africa (3.8%), and Oceania (0.4%), led by Australia and the Marshall Islands.
The following is a list of 15 of Brazil's top trading partners in terms of export sales, as well as
the countries that imported the most Brazilian shipments by dollar value in 2020:
China: US$67.7 billion (32.3% of total Brazilian exports)
United States: $21.6 billion (10.3%)
Argentina: $8.5 billion (4%)
Netherlands: $7.4 billion (3.5%)
Canada: $4.2 billion (2%)
Japan: $4.1 billion (2%)
Germany: $4.1 billion (2%)
Spain: $4.1 billion (1.9%)
Chile: $3.9 billion (1.8%)
Mexico: $3.8 billion (1.8%)
South Korea: $3.8 billion (1.8%)
Singapore: $3.6 billion (1.7%)
Malaysia: $3.2 billion (1.5%)
Italy: $3.1 billion (1.5%)
India: $2.9 billion (1.4%)
More than two-thirds (69.5%) of Brazilian exports in 2020 were delivered to the 15 trade
partners listed above. Year on year, Singapore (up 28.1%), Canada (up 27.9%), Malaysia (up
14.9%), and South Korea have the highest increases in purchases of Brazilian exports (up
9.5%). The United States (down -27.3%), the Netherlands (down -26.7%), Chile (down
-25.1%), Japan (down -23.6%), and Mexico led the decline in Brazilian import purchases
(down -21.1%).
Trade Relations with India

Brazil is one of India's most important trading partners in the Latin America and the
Caribbean region. Bilateral trade between India and Brazil has grown significantly over the
last two decades. However, the global drop in commodity prices, as well as the Brazilian
economic recession that began in 2015, had an impact on Brazil's overall trade. The total
bilateral trade in 2019 was $7.02 billion. Indian exports to and imports from Brazil totalled
$4.257 billion and $2.763 billion, respectively, with India running a trade surplus of $4.257
billion. The relationship is founded on a shared global vision, democratic values, and a
commitment to promote inclusive economic growth for the benefit of both countries' peoples.
In 1948, Brazil became the first Latin American country to establish diplomatic relations with
India. In 2006, the ties were elevated to a strategic partnership, ushering in a new era in
bilateral relations. Both countries are members of the BRICS, G-20, IBSA, and G4, and both
want to be permanent members of the UN Security Council. According to a BBC World
Service poll conducted in 2013, only 26% of Brazilians view India's influence positively.
Indians' attitudes toward Brazil are also sharply divided, with 20% favouring the country and
18% opposing it. Although in 2003, India and Brazil signed a defence cooperation agreement.
The agreement calls for bilateral cooperation in defence-related matters, particularly in the
areas of R&D, acquisition and logistics support, military training, and exercises. Following
that, on December 24, 2007, the Defence Wing was established at the Indian Embassy in
Brasilia, and on April 14, 2009, Brazil opened its Defence Wing at the Brazilian Embassy in
New Delhi. On January 27, 2020, a defence industry event was held in New Delhi. During
the Presidential visit, Taurus Armas SA, a Brazilian firearms company, signed a joint venture
agreement with Jindal Defence by investing $5 million to produce and sell small arms in
India. Even Wipro Technologies, a global software company, also established a business
process outsourcing centre in Curitiba to provide shared services to AmBev, Latin America's
largest brewery. Renato Nahas Batista, AmBev's zonal vice president, stated, "We are
honoured to be a part of Wipro's expansion plans in Brazil and Latin America." Leading
brands in AmBev's portfolio include Brahma, Becks, Stella, and Antarctica.  
As a result, the partnership is a complex, multi-layered, and dynamic phenomenon. It is
guided by their individual quest for greater autonomy in foreign policy decision-making, as
well as the transformation of the international agenda to include their interests. It is also
bolstered by their common economic pursuits, with Brazil discovering in India a source for
pharmaceutical and technological skill exchange and Brazil representing the response to
India's quest for energy and food security. The political intent of the collaboration is
consistent in the way both countries continue to work cooperatively; however, the
relationship is defined more by its promise than by active economic cooperation. The
increase in diplomatic visits is a positive sign for the future of the relationship; however, it is
unclear how it will unfold post-pandemic. Brazil remains India's most important ally in the
LAC region, as well as a supporter of the role India aspires to play on the international stage.
 Procedural Obstacles

With a Gross Domestic Product of approximately USD 2.3 trillion, Brazil is the biggest
economy in Latin America. It is also one of the most important emerging economies in the
world. It exports large quantities sugarcane, corn, soybeans, coffee, tobacco and iron ore. It is
also one of the biggest importers of agricultural equipment and machinery.

Customs bureaucracy- For both import and export activities in Brazil, there are several stages
to be taken care of from the negotiation between the forwarders until the development of the
operation itself. One of the major challenges faced by importers and exporters is dealing with
all the documents and bureaucratic processes involved in the release/clearance of the cargo
being shipped to or from Brazil, according to the country’s current regulations.

Taxing- Taxation is a major challenge faced by companies looking to import and export to
Brazil. Lengthy and tedious procedures are required to correctly estimate taxes and tributes to
assure proper shipping of goods. This usually gets extremely difficult unless a Brazilian firm
is hired to help out with that.

Poor infrastructure- Infrastructure is poor in many parts of the country, including the
surrounding roads of some of the most important ports and airports. This makes it more
difficult to effectively integrate import and export operations in Brazil and guarantee a safe
and agile cargo pick up or delivery.

Cultural Barriers

Brazil’s rich history is reflected in its various ethnic groups, with influences from different
regions and cultures. For over 300 years, Brazil was a part of the Portuguese Empire. Its
foundation still remains strong, and it has the largest Portuguese speaking population in the
world. Brazil is known for its wide variety of events, which are often rooted in religion.
Family and personal relationships are important to the well-being of Brazil's society. This is
why building strong relationships with your business partners is often a vital part of success.

Personal touch- Brazilians prefer to know their business partners personally. Personal
gestures, in person meetings, meetings over meals etc are a norm.

Extra time- Brazilians expect foreigners to be on time despite being generally non punctual.
Business in Brazil takes time due to complex regulations. Extra time should be allotted for
meetings, negotiations and generally any other business activity.

Dress to impress- Most Brazilian companies have a formal environment. It is acceptable to be

overdressed but being underdressed is seen as a sign of disrespect.

Language- Portuguese is the most widely used language in Brazil and people prefer that over
English. In fact, English is spoken by only 5% of people over the age of 16.

These factors are important and these might turn into cultural barriers or as cultural
acceptance if the cards are played right.
 Entry of Walmart in Brazil

Wal-Mart was founded in the state of Arkansas in the United States in 1962. By 1985, the
company had grown to become one of the largest merchants in the United States. It had four
store types in all 50 states of the United States by 1995, when it entered the Brazilian market:

(1) supercenters; (2) discount stores; (3) shopping malls; and (4) Warehouse outlets with
large discounts.

Wal-Mart began operations in Brazil as a joint venture with Lojas Americanas, the country's
largest discount store chain and a member of the Garantia group of companies. The creator of
Wal-Mart, Sam Walton, had a long-standing personal friendship with Jorge Lemann, one of
the Garantia Group's founders and a key stakeholder in Lojas Americanas. This relationship
allowed the establishment of ties between the two companies, with Lojas Americanas
executives visiting Wal-Mart to buy management knowledge. Two retail formats were run by
Wal-Mart in Brazil: the warehouse club (Sam's Club) and the supercenter. Total investment
in the first five units was estimated at US$100 million. The warehouse club format was first
introduced in Brazil by the Dutch company Makro. The choice of locations by Wal-Mart
Brazil was directed towards setting up stores close to where its target competitor, Carrefour,
had its own. The first Sam's Club outlet, opened in May 1995, was among the ten busiest
stores of the chain in august in the same year.

Challenges faced by Walmart in Brazil

Wal-Mart faced several operational problems as it started its operations in Brazil. One was
the number of visitors. The number of people visiting the store was so large that store
management was forced to limit the entrance of customers. In some days, the store had to be
closed because of lack of merchandise to sell. Long lines of cars waiting to park were also
typical of the first days after the opening. The company was forced to delay its advertising
campaign in order not to attract more customers to its premises. Also, because of the larger
quantities bought by Brazilian customers in each visit to the store, Brazilian stores tended to
be 10 to 15 per cent larger than the US ones and have more space between rows of shelves (to
allow the circulation of more shopping carts). Besides bringing its own task force from the
USA, the company hired Brazilian executives who were in high positions in other leading
retailers in the country. This movement caused some bad feelings among established
companies as well as an increase in retailing executives' compensation.

Walmart’s target group, the Brazilian working class, was very dependent on credit to shop for
certain types of products and Wal-Mart did not offer credit. Relationships with suppliers were
a major problem area for Wal-Mart Brazil. First, the company tried to apply to Brazilian
suppliers the same standards it used in the USA. The relationship between retailers and
manufacturers in Brazil was quite different from the USA. Brazilian industry was
characterized by oligopolies, with an exceedingly small number of companies controlling 50
to 80 per cent market share of major mass consumption products. Despite the emergence of
some larger retailers, such as Carrefour and Pão de Açúcar, bargaining power had remained
in the hands of the large manufacturers, Wal-Mart, with only five stores, used its future
growth potential to convince manufacturers to give exclusive discounts. When Wal-Mart
started to sell many products at prices below costs, the reaction of certain manufacturers was
sometimes extreme. Some local suppliers even refused to sell to Wal-Mart. The first response
of Brazilian retailers was not surprising. Companies made major efforts to neutralize Wal
Mart's actions.

Three major actions were identified:

(1) pressure on suppliers;

(2) threat of legal sanctions; and

(3) self-regulation.

At the height of the expansion, former Wal-Mart executives said, a land rush mentality took
hold. Brazil’s thriving economy in those years convinced executives the biggest risk lay in
moving too slowly. In response, they approved new store sites based on increasingly rosy
forecasts of future sales.

“Most executives didn’t have the voice to say, ‘Don’t open this store; let’s not approve more
stores,’” a former finance executive recalled. “Why not? Because Brazil was the new country.
We needed to put investment in before others do.” In a six-year stretch through the fiscal year
ending January 2013, Wal-Mart doubled its locations, reaching 560 at its peak.

The rapid expansion strained Wal-Mart’s organization -- traditionally one of its strong points
in the U.S. but a drag on performance in Brazil. Wal-Mart was getting a grip on Brazil’s
complex tax system and litigious labor market, problems that have dogged it for years. In
January 2014 Wal-Mart disclosed that unforeseen Brazil tax assessments and employment
claims tied to a cost-cutting drive would slice 2 percent off its annual earnings globally.
Labor claims in Brazil also hurt its results in the third quarter of the fiscal year that has just
ended. it is a high-volume, low-cost operation. In other words, it has a lot of revenue and
while it has sizable profits, it is on low margins. But due to the odd tax structure in Brazil,
there are taxes on revenues as well as profits. This results in Walmart having significant tax
liability even on small or nonexistent profits.

Lessons from Walmart in Brazil

First, due diligence is best conducted in a pre-emptive manner rather than post-hoc as
diligence is less effective, as it’s harder to take action on an adverse report once a relationship
is up and running.

Second, it pays to have a secondary/tertiary plan, in the event that a first-choice vendor is
found to carry too high of a risk for corruption in high-risk jurisdictions and industries.
Walmart Brazil continued to contract with the construction company, despite warning signs,
in part because no protocols were in place for handling failed due diligence reviews.

Third, in the case of Brazil’s Walmart, a compliance official and company attorney received
the initial tip-off regarding the TPI’s government affiliations from an individual in the
Government Affairs office. The attorney and other executives were able to create an end-run
around guidelines prohibiting the hire of the TPI by contracting with the individual indirectly
through the construction company while the compliance employee agreed that this would
pose a risk to Walmart.

Finally, the compliance mindset requires a healthy dose of scepticism.  A genie who can
generate permits but a proper due diligence review would have revealed the FCPA risks
associated with the hire, indirect or otherwise, of a government official.

Recommendations for Walmart in Brazil

1 Brazil in particular has been dogged by poor locations, inefficient operations, labour
troubles and uncompetitive prices. So the company should invest in completing an integration
of legacy computer systems into the wider Wal-Mart platform
2 Wal-Mart should pilot a larger version of its Todo Dia discount format in part as a way to
attract some of the family shoppers now using rival cash-and-carry stores. Other plans
include renovating supermarkets with a slightly smaller assortment and a focus on fresh food.
3 Wal-Mart need to get a grip on Brazil’s complex tax system and litigious labour market,
problems that have dogged it for years. It should implement a plan, including putting
advanced time-keeping equipment in stores and getting workers to formally clock in, which
should lower the risk of worker lawsuits.

Final remarks

Wal-Mart, the number one retailer in the world, entered the Brazilian market in the 1990s and
its entry caused substantial impact, accelerating changes in the industry. Competitors'
responses were strong. Indignation and attack were immediate but ineffective. Major actions
were directed towards building competitive advantages.

Brazil is an interesting arena for the confrontation of giants such as Wal-Mart and Carrefour.
The entry of Wal-Mart meant concentration, automation and modernization of management
practices. Brazilian retailers should therefore concentrate their efforts in modernizing their
management practices in order to become competitive with foreign retailing giants. The
internationalization of retailing is an on-going process. Foreign companies should benefit
from examining the experiences of pioneers in the Brazilian market, such as Carrefour and
Wal-Mart, so as to avoid the same mistakes when entering markets that substantially differ
from their own in terms of culture, industry practices and stage of economic development.

References
https://krellerconsulting.com/kreller-hot-topic-report-careful-what-you-wish-for-
lessons-from-walmart-brazil/
https://www.reuters.com/article/us-walmart-brazil-idUSKCN0VQ0EQ
https://brazilian.report/business/2018/06/05/walmart-brazil-failed/
https://www.nhh.no/en/research-centres/food/food-news/2018/june/walmart-out-of-
brazil/

Conclusion

Many political analysts indicate that Brazil may become a superpower in the future. Brazil is
one of India's most important trading partners in the Latin America and the Caribbean region.
Bilateral trade between India and Brazil has grown significantly over the last two decades.
Brazil has implemented many social measures to slow the spread of the virus and contain its
impact on the health system capability, which is uneven across the country. COVID-19 hit as
Brazil was still recovering from its 2014-16 recession. Brazil should strike the right balance
between protecting the poor and ensuring sustainable public finances, including at
subnational levels, will be a key policy challenge in 2021. We can conclude that Brazil is the
world’s largest and middle-income growing country. Some of the challenges faced include-
Increasing poverty, crime rate, unemployment rate, and environmental.
Name of student Topic covered % of Remark
work
done
1. Devanshi Ved H014  Entry of Walmart in 100/7% Equal contribution and
Brazil participation
 Challenges faced by
Walmart in Brazil

2. Ishaan Pandey H020  Procedural Obstacles 100/7% Equal contribution and

 Cultural Barriers participation

3. Khushboo Jangam H022  Introduction 100/7% Equal contribution and

 Conclusion participation
4. Mihika Virmani H029  Pestel analysis 100/7% Equal contribution and
 Conclusion participation
5. Swetaki Ghosh H055  Major trading partners 100/7% Equal contribution and
of Brazil participation
 Trade relations with
India

6. Tushar Agarwal H057  International business 100/7% Equal contribution and

opportunities in Brazil participation
 Major Growth sectors
of Brazil

7. Yash Agarwal H061  Lessons from 100/7% Equal contribution and

Walmart in Brazil participation
 Recommendations and
final remarks