Brazil's G20 Presidency: Catalyzing Global Cooperation for a Sustainable Future

Brazil's G20 presidency in 2023 aims to foster cooperation among member states to tackle global challenges via sustainable practices and inclusive dialogue. As a guest, the UAE supports Brazil's priorities in global governance, climate action, and economic partnerships, participating actively in G20 meetings and fostering bilateral relations.

Since assuming the G20 presidency on December 1, 2023, Brazil has emphasized strengthening cooperation among member states to find effective solutions for global challenges. Its vision for the G20's future direction focuses on addressing critical issues via dynamic initiatives, sustainable practices, and inclusive dialogue, thereby enabling shared achievements among the G20 nations.

Brazil is crafting innovative strategies to foster fruitful cooperation and build global solidarity among G20 countries. The UAE, participating as a guest at the G20 Summit in Rio de Janeiro on November 18-19, aligns with Brazil's vision under the theme of 'Building a Just World and a Sustainable Planet,' reflecting an exchange of mutual perspectives.

The UAE formalized its commitment to Brazil's G20 priorities, focusing on improving global governance, poverty eradication, and tackling climate change and energy challenges. This year, the UAE actively engaged in various G20-related meetings, showcasing the evolving bilateral relations marked by a strategic partnership since 2019.

These burgeoning ties are evident in the robust trade exchanges, with the UAE being Brazil's prominent economic partner in the Middle East. Trade between both nations reached AED 13.28 billion in just the first eight months of this year. Moreover, UAE investments in Brazil, led by significant players like Mubadala and DP World, are valued at USD 5 billion, highlighting collaborative initiatives towards sustainable development.

Further solidifying this relationship, Brazil joined the UAE Declaration on a Global Climate Finance Framework, which secured over USD 85 billion for climate finance. The UAE's growing interactions with G20 countries are marked by a surge in non-oil trade, contributing significantly to its economic growth alongside strategic bilateral partnerships.

(With inputs from agencies.)