Brazil wants more trade and investment with Arab countries, official says

Brasília, July 4 (Reuters)Brazil wants to expand trade and investment with Arab countries, a government official said on Monday, as ongoing talks for trade deals with Saudi Arabia, Lebanon and the United Arab Emirates are underway.

Speaking at the Economic Forum of Brazil and the Arab Countries, the Foreign Trade Secretary of the Ministry of Economy, Lucas Ferraz, said that closer relations are a top priority for Brazil and something that has a great potential as the country seeks to increase the variety of products it sells. and buys abroad.

Brazil’s biggest trading partner is China, although the South American nation has strong trade ties with Arab and other countries. Nope-Arab countries in the Middle-East, such as Iran, where Brazil exports food and grain.

After years of development these commercial relations, Brazil became world’s leading supplier of “halal” meat, which is produced according to Muslim dietary requirements.

According to Ferraz, Brazil has already concluded an investment facilitation agreement with Morocco and has a free trade agreement with Egypt. He noted that the two countries have played an “important role” in supplying Brazil with fertilizer this year. as sanctions against Belarus and Russia caused a global shortage.

The official also pointed out that as the world focuses on reconfiguring global production chains, Brazil is already selling more agricultural commodities and further aims to diversify what it exports to countries in the Middle East.

“But we want more, we want diversification,” Ferraz said.

(Reporting by Marcela Ayres; Editing by Josie Kao)

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