Abu Dhabi Crown Prince meets Brazil’s President for talks

UAE Strengthens Ties with Brazil Amid G20 Summit Preparations

ABU DHABI: Since officially assuming the G20 presidency on December 1, 2023, Brazil has been focused on reinforcing collaboration among member nations to address key global challenges. Under Brazil’s leadership, the G20 is working towards finding dynamic solutions to pressing issues, advocating for sustainable practices, and fostering inclusive dialogue, all aimed at achieving collective success among the G20 countries.

In order to secure a future based on collective achievements and international unity, Brazil’s leadership is focused on creating novel approaches and encouraging significant collaboration among G20 members. The UAE’s guest participation at the next G20 Summit, which will take place in Rio de Janeiro from November 18–19, 2024, with the theme “Building a Just World and a Sustainable Planet,” is in line with Brazil’s common goal of advancing global development. Since the two nations decided in 2019 to upgrade their connections to a strategic partnership, the UAE and Brazil’s bilateral relations have undergone tremendous change, and this summit represents a further strengthening of those ties.

In support of Brazil’s G20 presidency, the UAE has expressed its full backing for key priorities outlined by Brazil, including enhancing global governance, combating poverty and hunger, and tackling climate and energy challenges. Throughout the year, the UAE has actively participated in various G20 ministerial meetings held in Brazil, which addressed critical global issues such as foreign affairs, finance, trade, labor, tourism, agriculture, energy, and health. These gatherings have provided opportunities for the UAE to engage in important discussions on international cooperation and shared global priorities.

Bilateral trade between the UAE and Brazil continues to thrive, with the UAE being one of Brazil’s largest economic partners in the Middle East. Trade between the two countries reached AED 13.28 billion in the first eight months of 2024.
Brazil holds the position of the UAE’s largest trading partner in Latin America and the second-largest in the Americas, following the United States. UAE investments in Brazil are estimated at $5 billion, with notable contributions from major Emirati companies such as Mubadala, DP World, Emirates Airlines, and First Abu Dhabi Bank.

Regarding cooperative projects, the governments of the United Arab Emirates and Brazil have established a strategic relationship centered on government modernization and pledged to assist sustainable development. This collaboration aims to share knowledge and best practices in areas such as promoting development in important industries, boosting economic competitiveness, and improving government capacity.

Brazil has backed the UAE’s Declaration on a Global Climate Finance Framework, which was introduced at COP28, further solidifying their climate cooperation. Eleven promises and more than $85 billion in funds have already been raised thanks to this structure. Brazil’s assistance demonstrates the close collaboration between the G20 and COP agendas to provide accessible and concessional climate funding, especially given that it will host COP30 in Belem in 2025.

The UAE’s growing relations with the G20 countries are also reflected in its expanding trade and investment activities. Non-oil foreign trade data for the first half of 2024 show a 4.1% increase, reaching $196.1 billion, with the G20 accounting for over half of the UAE’s total non-oil foreign trade. This growth underscores the UAE’s increasingly robust economic ties with the world’s largest economies, driven by an 11.5% rise in non-oil exports, which reached $393.2 billion in 2023, a 15.3% increase from 2022 and 54% higher than in 2019.

The G20, consisting of 19 countries and two international organizations—the African Union and the European Union—represents about 85% of the world’s GDP and over 75% of global trade. This group continues to play a critical role in shaping the future of global economic governance and fostering international cooperation among the world’s major economies.