UAE expands G20 ties with Brazil Business Council launch

Sao Paulo: In an effort to advance bilateral cooperation, the UAE-Brazil Business Council was launched in São Paulo on the sidelines of the G20 Business Summit (B20), symbolizing a major step forward in the economic partnership between the 2 countries.

The UAE is strengthening its global economic influence by building productive relationships with G20 nations, recently marking a significant development in its trade and investment ties with Brazil.

Attended by prominent business leaders from G20 and guest nations involved in the B20 Summit, the event aimed to strengthen ties between the UAE and major multinational companies, emphasizing the UAE’s role as a global trade and investment hub and an unmatched gateway to international markets.

The forum included discussions on potential areas of collaboration to expand trade and investment opportunities, including renewable energy, technology, and food security.

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation to the B20 Summit, a gathering of approximately 1,000 high-level business representations from the G20 member nations, in Sao Paulo, Brazil.

Image Via: WAM | Cropped by ET

The meeting was attended by Saleh Ahmed Al Suwaidi, UAE Ambassador to Brazil; Juma Al Kait, Assistant Undersecretary for International Trade at the UAE Ministry of Economy; and a senior UAE delegation, joined by representatives from several of Brazil’s leading companies.

The council’s launch aligns with the UAE’s broader goal of expanding relations with G20 member nations, fostering economic cooperation, and creating opportunities for mutual investment. The initiative is expected to play a vital role in elevating trade and investment exchanges, promoting knowledge sharing, and building a framework that supports sustainable economic growth.

Held on October 24-25 with the theme “Inclusive Growth for a Sustainable Future,” the summit served as a platform for the private sector to discuss sustainable business practices, enhance global trade efficiency, and promote inclusivity, with a special focus on women-owned businesses. Recommendations from B20 Summit participants will be presented to G20 leaders at their upcoming summit in Rio de Janeiro in November.

In the first half of 2024, the UAE’s trade with G20 nations reached over $196.1 billion, marking a 4.1% increase from the previous year and accounting for more than half of the UAE’s total non-oil trade. In 2023, the UAE’s non-oil trade with G20 countries exceeded $393.2 billion, reflecting a 15.3% growth compared to 2022.

The UAE joined the B20 Summit as an invited guest of Brazil, which currently holds the G20 presidency, showcasing the UAE’s expanding influence in global trade and investment.

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