Brazilian Economy Minister Paulo Guedes said on Tuesday his government will allow foreign bidders to vie for procurement contacts it puts out to tender, with a view to curbing corruption, Xinhua reports.

The Chinese government-run news agency quotes Mr Guedes as saying in Switzerland that his government means to accede to the international treaty on auctioning government procurement contracts.

Mr Guedes, speaking on the sidelines of the World Economic Forum in Davos, said the treaty calls for equal treatment of all contenders for contracts, foreign or domestic.

Acceding to the treaty will also mean more foreign investment in Brazil, and better integrate the country with the global economy, Xinhua quotes Mr Guedes as saying.