WORLD NEWS | Brazil is UAE’s main trading partner in Latin America: Minister of State for Foreign Trade

dubai [UAE]16th April (ANI/WAM): Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the relations between the UAE and Brazil are developing steadily as they are based on promoting the common interests of the two friendly countries.

“This high-level official visit helps to elevate these relations to the level of strategic partnership and comprehensive cooperation between the two countries in many important areas of mutual concern,” he told the Emirates News Agency ( WAM) United Arab Emirates.

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“Trade and investment relations between the UAE and Brazil play an important role in strengthening the ties of cooperation between the two countries.”

He added that the UAE-Brazil trade continued its strong upward trend in 2022, totaling more than US$4 billion, an increase of 32%, 67% and 43% compared to 2021, 2020 and 2019, respectively.

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According to 2022 non-oil foreign trade data, Brazil is the UAE’s largest trading partner in Latin America, Al Zeyoudi said, adding that Brazil is second only to the United States among the UAE’s most important trading partners in the Americas. It ranks 23rd among the most important import markets for Brazil and 27th among the most important overseas markets for Brazilian exports,” the minister added.

The minister said that the UAE will account for 18 percent of Brazil’s total trade with Arab countries in 2022, placing it second in the list of Brazil’s most important trading partners in the Arab world.

“During the official visit to the UAE by Brazilian President Luiz Inácio Lula da Silva and his accompanying delegation, we look forward to advancing our joint efforts to promote trade and investment relations between our two countries to achieve further mutual economic growth and constructive cooperation in priority areas,” concluded Al Zeyoudi. (ANI/WAM)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)