UAE-Brazil Business Council inaugurates in São Paulo

In a key step towards boosting economic ties, the UAE-Brazil Business Council held its first meeting in São Paulo alongside the G20 Business Summit (B20).

The UAE-Brazil Business Council is viewed as a pivotal platform for ongoing cooperation, with an ambitious agenda to enhance trade and investment and support long-term economic partnerships in sectors where both nations hold competitive advantages.

The council’s first meeting saw prominent officials and business leaders exploring collaborative opportunities in sectors like clean energy, manufacturing, sustainable agriculture, and technology.

The meeting was attended by Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; Saleh Ahmed Al Suwaidi, UAE Ambassador to Brazil; Juma Al Kait, Assistant Undersecretary for International Trade at the UAE Ministry of Economy, and other senior UAE representatives.

The UAE delegation comprised 12 officials and executives from leading sectors, including renewable energy, logistics, defence, and food production, while Brazilian representatives included leaders from some of the country’s largest corporations.

The council is co-chaired by Dr Mohamed Asaad Taher, head of Business Development (MENA) at Abu Dhabi Future Energy Company – Masdar, representing the UAE, and Dr Jefferson de Oliveira Gomes, director of Technology and Innovation at Brazil’s National Confederation of Industry (CNI).

Opening the session, Dr Taher emphasised the council’s potential to deepen UAE-Brazil economic collaboration. He said: “In establishing the UAE-Brazil Business Council, we are building a vital platform for deepening economic ties and unlocking new opportunities for collaboration in strategically important sectors.”

Dr  Gomes echoed this sentiment, underscoring the council’s role in fostering trade and investment integration.

With the UAE’s advantageous location as a gateway to Asia and Africa, coupled with world-class infrastructure and investor-friendly policies, both sides aim to leverage these strengths to boost trade flows and cross-border investments.

The council also aims to provide Brazilian companies with expanded access to the UAE’s robust market.

Significant growth in UAE-Brazil trade

Bilateral trade between the UAE and Brazil has been on an upward trajectory. In H1 2024, non-oil trade between the two nations reached $2.64bn, an increase of 18.2 per cent over the same period in 2023, and a nearly 54 per cent jump compared to 2019.

The country is now the UAE’s top trading partner in Latin America and the second-largest in the Americas after the US.

The council concluded with an agreement to hold regular strategic meetings to oversee the progress of joint initiatives and reinforce economic ties.