Brazil, UAE to enter into investments agreement

The deal will be signed Friday (15) during a visit to Brasília by the Arab country’s foreign minister Abdullah Bin Zayed Al-Nahyan.

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São Paulo – The UAE’s minister of Foreign Affairs Abdullah Bin Zayed Al-Nahyan will pay a visit to Brasília on Friday (15). The Brazilian Ministry of Foreign Affairs (aka the Itamaraty) reported that a Cooperation and Facilitation Investment Agreement (CFIA) will be signed.

Intended to encourage mutual investment, the agreement had been in discussion for some time now. Late last year, the two countries entered into an agreement to prevent double taxation, thereby making sure that returns on investments from one country in the other get taxed in only one of them.

According to the Itamaraty, the two agreements open up “new vistas for expansion of investment flows between the two countries.” The Brazilian Ministry estimates that there are over USD 5 billion worth of Emirati capital invested in Brazil. It also said a bilateral workgroup on investments will be created this year.

Agreements are also expected in international legal cooperation and tourism. Since last year, a Brazil-UAE tourist visa waiver has also been in place.

The Itamaraty said the Emirati minister will be welcomed by president Jair Bolsonaro and meet with foreign minister Ernesto Araújo.

Translated by Gabriel Pomerancblum

Karim Sahib/AFP

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