Brazil is UAE's leading trading partner in Latin America: Minister of State for Foreign Trade

Dubai [UAE], April 16 (/WAM): Dr Th bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said UAE-Brazil relations are steadily growing since they are built on advancing the shared interests of the two friendly nations.

"Such high-level official visits help advance these relations to the level of strategic partnership and comprehensive cooperation between the two countries in many important fields of common interest," he told the Emirates News Agency (WAM) in statements marking the Brazilian leader's visit to the UAE.

"The trade and investment relations between UAE and Brazil play an important role in consolidating the bonds of cooperation between the two countries."

He added that UAE-Brazil trade continued its robust upward trend in 2022, totalling more than US$4 billion, up 32 pc, 67pc, and 43pc from 2021, 2020, and 2019, respectively.

According to non-oil foreign trade figures for 2022, Brazil is the UAE's top trading partner in Latin America, Al Zeyoudi said, adding that Brazil ranks second only to the United States among the UAE's most important trading partners in the Americas.

"The UAE ranks 23rd among the most significant markets for imports into Brazil and the 27th among the most significant overseas markets for Brazilian exports," the Minister added.

With a share of 18pc of Brazil's overall commerce with Arab nations in 2022, the minister said that the UAE came in second on the list of Brazil's most significant trading partners in the Arab world.

"During the official visit of Brazilian President Luiz Inacio Lula da Silva and his accompanying delegation to the UAE, we look forward to advancing joint efforts to promote trade and investment relations between the two countries to achieve further joint economic growth and constructive cooperation in priority sectors," Al Zeyoudi concluded. (/WAM)

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