Michel Halabi, secretary-general and Chief Executive Officer of the Arab Brazilian Chamber of Commerce (ABCC), has stated that the Chamber will open its membership doors for Arab companies in December, in order to boost trade between the Arab region and Latin American countries.
Halabi pointed out that there are negotiations underway to bring the countries of Jordan and Tunisia into preferential free trade agreement Mercosur, after activating the agreement between Egypt and South American countries.
In order to further increase the cooperation between the two regions, the ABCC has projects across the following areas: food security, sustainability, investment prospecting, business missions, sectoral fairs and purchasing projects.
In 2017, Brazilian exports to the Arab world reached $13.59bn, positioning the Arab countries as the 5th partner for Brazil. For 2018, the ABCC estimates a 4% increase that will likely reach $14bn.
Menafn.com reports how, for 2020, the ABCC forecasts that exports to Arab countries will reach $18bn, reflecting an increase of 32%, as compared to Brazilian exports to those countries in 2017.
Among the Arab countries, Egypt was the second largest destination of Brazilian exports from January to September 2018 – just behind Saudi Arabia. During this period, Brazil exported $1.4bn, representing a decrease of 14% as compared to the same period in 2017. The country was the 8th supplier of Brazilian imports from Arab countries in the same period, with acquisitions of up to $157m, which increased by 21% in value and 32% in weight.