Brazil's President Jair Bolsonaro on Thursday said he authorized the country's entry into the international Agreement on Government Procurement (GPA).

Backed by the World Trade Organization (WTO), the treaty opens up government procurement of goods and services to foreign companies, making the bidding process more transparent.

"I authorized the start of Brazil's entry into the WTO's Agreement on Government Procurement," Bolsonaro said via Twitter.

"Regarding taxpayers' money, we will seek more transparent and internationally competitive biddings," said Bolsonaro.

Up to now, only Brazilian firms were allowed to participate in their government's public-sector procurement bids.

The agreement obliges equal access to foreign companies in the purchase of goods, services and infrastructure development.

Speaking to reporters on Tuesday at the World Economic Forum being held in Davos, Switzerland, Economy Minister Paulo Guedes said Brazil planned to sign the GPA as a way to combat corruption.