The UAE and Brazil are seeking to bolster their $4.3 billion trade partnership.

At the opening of the Brazil-Emirates Conference, taking place in Abu Dhabi, Assistant Under-Secretary for International Trade Affairs at the Ministry of Economy, Juma Al Kait praised the strength of UAE-Brazil trade and investment relations.

Organised by the Group of Business Leaders (LIDE), the Brazil-Emirates Conference convenes both public and private sector stakeholders to explore fresh opportunities for collaboration within burgeoning industries.

Some of these industries include technology, agribusiness, decarbonisation, real estate, infrastructure, logistics and tourism, Arabian Business reports.

The UAE and Brazil's bilateral ties remain strong, with the value of non-oil trade hitting $4.3 billion last year, a 42.1% increase compared to 2021

Brazil is the largest recipient of exports from the UAE in South America and ranks as the second-largest trading partner in the Americas, following the United States.

Furthermore, in regard to investment, the UAE has already committed more than $5 billion to Brazil's economy.

During his keynote address, Al Kait stated: "Brazil is a country of deep significance to the UAE. Not only is it one of the first countries in South America in which we established an embassy, it is also our nation's largest trading partner in South America.

"Our nations share ambitious growth plans, where the UAE is guided by the "We the UAE 2031" and its vision to develop the nation's economy, society, foreign policy and business ecosystem, Brazil has its Growth Acceleration Programme."

He went on to say: "We are united by a common vision for extracting the far-reaching benefits from trade, inward investment and innovation, and are committed, through fora such as the Brazil-Emirates Conference, to supporting each other's long-term, sustainable prosperity."

Al Kait also stressed the strategic positioning of both countries, recognising Brazil as a prominent centre of growth. He emphasised Brazil's role as a pivotal player in the evolving economic landscape, indicating a shift away from traditional G7 nations towards emerging hubs of opportunity in the global south.