UAE Enters Into a Partnership With Brazil To Increase Economic Co-operation
As part of the Emirates' government experience exchange initiative, the UAE and Brazil have formed a collaboration to share economic knowledge and skills. According to a statement issued by the UAE Ministry of Cabinet Affairs, the cooperation was announced during a visit by a Brazilian official team to the UAE.
“The partnership will enable the concerned teams in the UAE and Brazil to learn more about the best government expertise and practices and also highlight the investment opportunities available to businessmen from both countries in order to achieve a significant growth leap in economic and trade co-operation relations between them,” Minister of Economy Abdulla Bin Touq said.
“It will also explore new paths for exchanging knowledge regarding government action and sustainable economic development.”
As per the ministry, the UAE and Brazilian delegations discussed best practices in important areas of economic policy and strategy, such as international trade, investment, economic growth, intellectual property, anti-money laundering, and competitiveness. Brazil is the UAE's most important commercial partner in Latin America, ranking second only to the US among the Americas' most important trading relationships.
According to the UAE's Ministry of Economy, non-oil trade with Brazil reached $4.3 billion last year, a 32% increase year on year. Currently, the two nations work together in critical industries such as industry, transportation, shipping, storage, infrastructure, construction, port management, energy, mining, banking and finance, and real estate.
Based on its website, the government experience exchange program is a knowledge-sharing platform intended at transmitting the UAE's expertise and best practices in the sphere of government development and modernization to other nations. The Prime Minister's Office in the Ministry of Cabinet Affairs established the program in 2018.