Groups representing the European luxury goods sector have welcomed a visit by EC vice president Antonio Tajani and executives from a number of different industries to try to drum up business with Brazil.

The first EU business delegation to Brazil this week has been joined by Carlos Falco, president of Circulo Fortuny Spain, Marc Sjostedt, general manager at Louis Vuitton Brazil, and Armando Branchini, president of the European Cultural and Creative Industries Alliance (ECCIA).

Meetings with Brazilian policy makers discussed matters such as import duties, non-tariff barriers, IPR protection, and layered taxation.

ECCIA - whose members include Circulo Fortuny (Spain), Comité Colbert (France), Fondazione Altagamma (Italy), Walpole British Luxury (UK) and Meisterkreis - Deutsches Forum für Luxus (Germany) - notes that more than two-thirds of the luxury brands' turnover with Brazilian residents is currently done abroad.

The association points out that allowing consumers to access products in Brazil would lead to local investment in this sector, with the brands developing local operations, creating jobs and investing in retail development. More local market purchases would also lead to stronger revenues for the Brazilian economy.

According to ECCIA, the Brazilian luxury market has grown at a compound annual growth rate of 45% from 2003 to 2011 and is expected to continue to expand in line with the country's economic development.

The estimated luxury market value for Brazil is EUR2.3bn, with this likely to grow by another 35% in the next few years, thanks to an enlarging luxury consumer base, a stable economy and increasing demand for sophisticated products. 60 international brands already operate in Brazil.