Trade

UAE and Brazil boost non-oil trade with partnership

September 6, 2023, 9:47 AM

A Brazilian delegation headed by Alexandre Cordeiro Macedo (third from left), president of the Administrative Council for Economic Defence, visited the UAE this week

Plan to build on ‘thriving’ relationship
Non-oil trade worth $4.3bn in 2022
Agreement highlights ‘investment opportunities’

The UAE and Brazil have launched a partnership to exchange economic expertise and build on non-oil bilateral trade of $4.3 billion in 2022.

The initiative is part the UAE’s Government Experience Exchange Programme that welcomed a Brazilian delegation to the Emirates earlier this week.

Abdullah bin Touq Al Marri, the UAE’s minister of economy, said the agreement will highlight the investment opportunities available to business people from both countries.

Alexandre Cordeiro Macedo, president of Brazil’s Administrative Council for Economic Defence, added that it aimed to develop business frameworks and models in various sectors.

Brazil is the UAE’s biggest trading partner in Latin America.

Exports from the country to the Arab world grew by 8 percent in the first seven months of 2023 to more than $10.6 billion, with the UAE receiving goods worth $1.6 billion. Only Saudi Arabia received more, with $1.9 billion.

According to the Arab Brazilian Chamber of Commerce, Brazil exports were dominated by food including poultry and meat, sugars, cereals, soya beans and coffee.

Imports to Brazil from Arab countries totalled $6.1 billion in the same period, with $722 million coming from the UAE. The top imported products were mineral fuels, fertilisers, aluminium, plastics, chemicals and precious metals.

UAE president Sheikh Mohamed bin Zayed Al Nahyan greets Brazilian president Luiz Inácio Lula da Silva during a visit in April

Last month, Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade visited Brazil.

He attended the launch of President Lula da Silva’s $348 billion Growth Acceleration Pact, a national investment initiative aiming to leverage public-private partnerships.

According to Al Zeyoudi, the UAE has already committed more than $5 billion to the country, predominantly focused on the logistics, urban infrastructure and energy sectors outlined in the PAC initiative.

In addition energy major Petrobras is considering a biofuel project being developed in Brazil by Abu Dhabi’s state-owned Mubadala Capital.

A memorandum of understanding was signed to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.