Cooperation Agreement to boost trade between Brazil and UAE approvedMay, 08, 2023 Posted by Lucas Lorimer
The Investment Cooperation and Facilitation Agreement (ACFI) between Brazil and the United Arab Emirates-EAU was approved on 05/04 by the National Congress. The Agreement, originally signed in 2019, now follows for enactment by the President of the Republic.
“The Agreement will have the important task of attracting more foreign investments to Brazil, thus generating more jobs and opportunities for Brazilian workers. We know that there is a huge potential for receiving investment from the United Arab Emirates in Brazil, especially in the area of infrastructure, because the sovereign wealth funds of the United Arab Emirates hold assets of more than one trillion dollars,” said the executive secretary of the Chamber of Foreign Trade (Camex), Marcela Carvalho.
According to Camex, the evolution of the stock of UAE foreign direct investment in Brazil shows strong growth from 2015 onwards, going from a level of US$ 115 million to US$ 1.2 trillion in 2018. A 482% increase between 2010 and 2019, representing an average annual rate of 21.6%.
See below the top 10 goods exported from Brazil to the UAE between Jan 2023 and Mar 2023, according to the DataLiner business intelligence service.
Brazil exports UAE | Jan 2023 – Mar 2023 | WTMT
Source: DataLiner (click here to request a demo)
How the Cooperation Agreement works
This Brazilian model agreement is the result of extensive consultation with the private sector and provides for several important improvements in the business environment. The enhancement of institutional governance, the adoption of risk mitigation and dispute prevention mechanisms, and the development of agendas with topics of interest to other countries for cooperation and investment facilitation.
Thematic agendas are also established to address specific issues for investment facilitation, and there are clauses on corporate social responsibility, a practice that deals with responsible conduct on the part of investor companies, among other improvements.
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