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18/05/2017 - 17:39hs
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Brazil, UAE talk trade and investments

The ambassador of the United Arab Emirates, Hafsa Abdulla Mohamed Sharif Al Ulama, met with the Brazilian minister of Industry, Foreign Trade and Services Marcos Pereira in Brasília.



São Paulo – The ambassador of the United Arab Emirates in Brasília, Hafsa Abdulla Mohamed Sharif Al Ulama, convened this Wednesday afternoon (17) with the Brazilian minister of Industry, Foreign Trade and Services, Marcos Pereira, in Brasília. They discussed actions designed to increase investments and bilateral trade between the two countries.

In a press release, the Ministry said that during the meeting, the ambassador told Pereira that the UAE remains keen on reaching an Agreement on Cooperation and Facilitation of Investments (ACFI) with Brazil, talks for which are underway. The willingness is mutual, according to Marcos Pereira: the minister pointed out that the Arab country already has heavy investments in Brazil.

The balance of trade tilts heavily towards Brazil, which exported USD 2.2 billion worth of goods and imported USD 366 million last year. The UAE imported mostly poultry (21% of total imports), refined sugar (16%), aluminum oxides and hydroxides (11%) and iron pipes (7.3%). Brazil imported mostly fuel oil (33%), aviation fuel (30%) and urea (13%).

For Pereira, the UAE’s Processing and Export Zones – foreign trade-oriented free trade areas where enterprises enjoy customs benefits – are facilities that could pull new investors into the country. In these zones, goods could be manufactured and then exported to the Mercosur and vicinities.

According to Ministry’s press release, Al Ulama reiterated an invitation for the Brazilian minister to attend Expo 2020, which Dubai will host.

*Translated by Gabriel Pomerancblum

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