The UAE is Brazil’s largest Middle Eastern partner, with trade at AED13.28 billion in the first eight months
Since officially taking on the G20 presidency on December 1, 2023, Brazil has been dedicated to enhancing cooperation among member states to devise effective solutions for critical global challenges.
Brazil envisions a future direction for the G20 that focuses on addressing urgent issues through dynamic initiatives, a commitment to sustainable practices, and inclusive dialogue, thereby creating pathways for shared successes among G20 nations.
Innovative strategies for global solidarity
Under its G20 leadership, Brazil is striving to formulate innovative strategies and foster productive collaboration with member countries, aiming to establish a future marked by collective achievements and global solidarity.
UAE’s participation and shared visions
The participation of the UAE as a guest at the G20 Summit scheduled for November 18-19 in Rio de Janeiro, Brazil, themed “Building a Just World and a Sustainable Planet,” signifies an exchange of mutual visions with Brazil.
Strengthening bilateral relations
This engagement, WAM reported, underscores collaborative efforts to meet future objectives, particularly as relations between the two friendly nations continue to develop, strengthened by their 2019 agreement to elevate ties to a strategic partnership.
Support for G20 priorities
The UAE has expressed its support for the priorities of Brazil’s G20 presidency, which include enhancing global governance, combating poverty and hunger, and tackling climate and energy issues.
Throughout the year, the UAE has actively participated in all G20-related ministerial meetings hosted in Brazil. These gatherings included the Foreign Ministers Meeting, the Finance Ministers and Central Bank Governors Meeting, the Trade and Investment Ministers Meeting, the Labour and Employment Ministers Meeting, the Sherpa Meeting, and the G20 Tourism Ministers Meeting for 2024.
Addressing global challenges
Additionally, there were meetings focused on agriculture, energy, and health to address global health challenges and identify strategic priorities, as well as discussions among education ministers and other sessions that were part of the group’s agenda.
Economic partnership with Brazil
On the bilateral front, the UAE stands as one of Brazil’s largest economic partners in the Middle East, with trade between the two nations reaching AED13.28 billion in the first eight months of this year.
Currently, Brazil is the UAE’s largest trading partner in Latin America and ranks second in the Americas, following the United States.
Significant UAE investments
UAE investments in Brazil are estimated at $5 billion, involving major Emirati companies such as Mubadala, DP World, Emirates Airlines, First Abu Dhabi Bank, Yahsat, and others.
Joint initiatives for sustainable development
Both countries are collaborating on joint initiatives aimed at fostering sustainable development. This year, the UAE government and the Brazilian government launched a strategic partnership focused on government modernization, emphasizing the exchange of expertise and best practices across three areas: capacity building for government personnel, knowledge sharing in government competitiveness, and collaboration in economic sectors.
Coordination for climate action
Brazil has also announced its endorsement of the UAE Declaration on a Global Climate Finance Framework, which was introduced by a coalition of world leaders at COP28. This initiative, which includes the historic UAE Consensus, has mobilized more than $85 billion in funding and established 11 pledges and declarations.
Brazil’s commitment, especially as it prepares to host COP30 in Belem in 2025, reflects a coordinated effort between the agendas of the COP and G20 presidencies to ensure accessible and concessional climate finance.
Expanding relations with G20 countries
Meanwhile, the UAE is experiencing expanding and evolving relations with G20 countries. Trade and investment ties are undergoing significant growth, as evidenced by non-oil foreign trade reaching $196.1 billion during the first half of 2024, marking a 4.1 percent increase compared to the same period last year.
Impact of G20 membership
The G20 accounted for 51.6 percent of the UAE’s total non-oil foreign trade during this timeframe. This growth was propelled by a remarkable 11.5 percent rise in the UAE’s non-oil exports, with trade with G20 nations totaling $393.2 billion in 2023.
With an impressive growth rate of 15.3 percent compared to 2022 and 54 percent compared to 2019, these figures demonstrate the strengthening economic ties between the UAE and the world’s 20 largest economies.
Economic influence of G20 members
The G20 comprises 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the United Kingdom, and the United States, along with the African Union and the European Union.
Together, G20 members represent approximately 85 percent of global GDP and more than 75 percent of global trade.