UAE And Brazil Strengthen Ties Through Collaborative Efforts On G20 Agenda

Since taking over the G20 presidency on 1st December 2023, Brazil has prioritised enhancing cooperation among member nations to tackle significant global issues. Brazil envisions the G20's future direction as addressing urgent matters through dynamic initiatives, sustainable practices, and inclusive dialogue, aiming for shared successes among G20 countries.

The UAE is participating as a guest at the G20 Summit in Rio de Janeiro on 18-19 November. The summit's theme is "Building a Just World and a Sustainable Planet." This participation aligns with an exchange of shared visions with Brazil, supporting joint actions to achieve future goals. Relations between these two friendly nations have been steadily developing since their 2019 agreement to elevate bilateral relations to a strategic partnership level.

The UAE has expressed its support for Brazil's G20 presidency priorities. These include enhancing global governance, fighting poverty and hunger, and tackling climate and energy challenges. Throughout this year, the UAE has actively participated in all G20-related ministerial meetings held in Brazil. These gatherings included discussions among foreign ministers, finance ministers, central bank governors, trade and investment ministers, labour and employment ministers, sherpas, and tourism ministers for 2024.

In terms of bilateral relations, the UAE stands as one of Brazil's largest economic partners in the Middle East. Trade between these two countries reached AED13.28 billion in the first eight months of this year. Currently, Brazil is the UAE's largest trading partner in Latin America and second only to the United States in the Americas.

UAE investments in Brazil are estimated at $5 billion. Major Emirati companies such as Mubadala, DP World, Emirates Airlines, First Abu Dhabi Bank, Yahsat, and others are involved. Both countries are committed to supporting joint initiatives aimed at achieving sustainable development.

This year saw the launch of a strategic partnership between the UAE government and the Federative Republic of Brazil. This partnership focuses on government modernisation by exchanging expertise and best practices across three cooperation areas: capacity building of government cadres, knowledge exchange in government competitiveness, and sharing experiences in economic fields.

Climate Finance Initiatives

Brazil announced its participation in the UAE Declaration on a Global Climate Finance Framework this year. This initiative was launched by world leaders at COP28 with historic UAE Consensus announcements. It raised over $85 billion in funding while launching 11 pledges and declarations.

Brazil's endorsement reflects coordination between COP and G20 presidencies' agendas to provide affordable climate finance. Notably hosting COP30 in Belem come 2025 further underscores this commitment.

Growing Economic Ties with G20 Countries

The UAE enjoys expanding relations with G20 nations marked by thriving trade and investment ties. Non-oil foreign trade data showed $196.1 billion during H1 2024—a 4.1% increase from last year's same period—highlighting growth driven by record increases in non-oil exports rising by 11.5%.

The UAE's non-oil trade with G20 reached $393.2 billion in 2023—a growth rate of 15.3% compared to 2022—and up by 54% since 2019—demonstrating strong economic ties between UAE & world's top economies.

G20 Membership Overview

The G20 comprises Argentina; Australia; Brazil; Canada; China; France; Germany; India; Indonesia; Italy; Japan; Republic of Korea; Mexico; Russia; Saudi Arabia; South Africa; Turkiye; United Kingdom & United States alongside African Union & European Union members representing about 85% global GDP & over three-quarters global trade volume worldwide today!

With inputs from WAM