UAE announces bolstering of trade relations worth $4.3 billion with Brazil

The UAE and Brazil are collaborating to strengthen their already flourishing $4.3bn trade partnership. Juma Al Kait, Assistant Under-Secretary for International Trade Affairs at the Ministry of Economy, lauded the resilience of the UAE-Brazil trade and investment ties during the inauguration of the Brazil-Emirates Conference held in Abu Dhabi.

The Group of Business Leaders (LIDE) organizes the Brazil-Emirates Conference, which brings together representatives from the public and private sectors to discuss new opportunities for collaboration across emerging industries like technology, agribusiness, decarbonization, infrastructure, real estate, logistics, and tourism.

Trade Relations:

The bilateral relationship between the UAE and Brazil remains robust, with non-oil trade amounting to $4.3 billion in 2023, marking a significant 42.1% surge from 2021. Brazil stands as the UAE's primary export destination in South America and ranks as the second-largest trade partner in the Americas after the United States. In terms of investment, the UAE has already injected over $5 billion into the Brazilian economy.

In his keynote speech, Al Kait emphasized Brazil's strategic importance to the UAE, highlighting it as one of the earliest South American countries where the UAE established an embassy and as the nation's primary trading ally in the region. Both nations share ambitious growth agendas, with the UAE guided by its "We the UAE 2031" vision and Brazil propelled by its Growth Acceleration Programme. Al Kait underscored the strategic positioning of both countries, identifying Brazil as a burgeoning growth hub and a pivotal player in the shifting global economic landscape.

With the UAE's accession to the BRICS community, Al Kait expressed the UAE's commitment to fostering mutually beneficial collaborations with likeminded economies worldwide. Al Kait concluded by inviting Brazilian entities to leverage the UAE's vibrant business environment, which offers 100% foreign ownership, flexible tax policies, and expedited business setup processes.

He also highlighted the UAE's unparalleled access to global markets, further enhanced by the Comprehensive Economic Partnership Agreement program, emphasizing that Mercosur nations are natural partners in realizing the program's potential to bolster South-South supply chains.

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