S\u00e3o Paulo \u2013 The economic agreement being negotiated between Mercosur and the United Arab Emirates is expected to be concluded next year, according to President Luiz In\u00e1cio Lula da Silva\u2019s statement last week during the Mercosur Summit in Montevideo, Uruguay. The president mentioned the UAE in his speech after highlighting the conclusion of negotiations on the South American bloc\u2019s agreement with the European Union.<\/p>\n\n\n\n
\u201cNegotiations with the UAE are progressing rapidly and should be concluded by 2025,\u201d said Lula, adding that the current foreign agenda is repositioning Mercosur in international trade. He also noted that at the end of 2023, the bloc concluded its first trade agreement with an Asian country, Singapore, and that this summit laid the groundwork for an agreement with Panama.<\/p>\n\n\n\n
Mercosur and the Arab country formally launched negotiations for a Comprehensive Economic Partnership Agreement (CEPA) last July, during a round in Asunci\u00f3n, Paraguay, at the bloc\u2019s summit. Since then, further meetings between country representatives have taken place, with the third round held in Montevideo last November.<\/p>\n\n\n\n
Although formalized in 2024, talks for the agreement between the South American bloc and the UAE had begun earlier. During the December 2023 summit in Brazil, Mercosur presidents expressed their expectations for exploratory dialogue with the UAE in the summit document. In January this year, in a joint statement, the foreign ministers of Mercosur countries called for progress in negotiations with the Arab nation.<\/p>\n\n\n\n
Brazil and the UAE have an annual trade volume of over USD 4.3 billion, according to last year\u2019s data compiled by the Arab-Brazilian Chamber of Commerce<\/strong> (ABCC<\/a>). Most of this amount\u2014 USD 3.1 billion\u2014came from Brazilian exports, mainly poultry, sugar, and beef. The Arab country, in turn, grossed USD 1.2 billion from exports to Brazil, primarily oil and fertilizers.<\/p>\n\n\n\n Read more: Translated by Guilherme Miranda<\/strong>
<\/em>UAE minister optimistic regarding Mercosur<\/a><\/p>\n\n\n\n
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