RIYADH: The United Arab Emirates is seeking a gateway to 90 percent of global trade in the coming five years, Gulf News reported, citing the country’s trade minister.
“We recently announced eight countries, but our ultimate goal is to open our trade to 90 percent of global trade within five years,” said minister of foreign trade, Thani Bin Ahmed Al Zeyoudi.
“We are coming to Latin America, and we will continue opening up by linking our economy to the rest of the world,” he added.
Speaking at the Global Business Forum 2022, Jair Bolsonaro, president of Brazil, noted there is a huge investment potential for UAE-based businesses in Brazil, according to Emirates News Agency.
This comes a month after India and UAE signed the Comprehensive Economic Partnership Agreement to boost bilateral trade from $60 billion to $100 billion in five years.
During the five-year period ending 2021, UAE accounted for 77 percent of GCC investments in Latin America, which stood at $4 billion.
