UAE Minister Optimistic Regarding Mercosur

(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – United Arab Emirates minister of State Ahmed Al Sayegh said this Tuesday (19) he is optimistic regarding a potential free trade agreement with the Southern Common Market (Mercosur ), a free trade zone and customs union comprising Brazil, Paraguay, Uruguay, Argentina, and Bolivia. Al Sayegh, who is in Rio de Janeiro attending the G20 Summit, spoke at a press conference this afternoon.

“We are also in talks with Mercosur, as you have already reported, and they are going well. It's four countries, so it's a bit slower than usual,” he said, referring to the fact that negotiations involve more countries than a bilateral agreement would.“It's a very positive negotiation experience, and we are optimistic and confident that an agreement will be reached,” he said, adding that it should not be long until a consensus is achieved.

The last meeting of Mercosur and UAE officials concluded on November 1 in Paraguay, and Bolivia was not present. On that occasion, Mercosur delegates reported that“advancements” were made during the round of talks.

Mercosur agreement should add to other partnerships

Al Sayegh also said on Tuesday that over the past five years, his country has worked towards bilateral agreements in different areas, with talks concluded or ongoing with India, South Korea, Colombia, Australia, Jordan, Morocco, and New Zealand.

He remarked that Brazil is the UAE's premier trading partner in Latin America and a target of UAE investments and businesses, cases in point being the airline Emirates, the Edge Group (in the defense sector), and the sovereign fund Mubadala. Executives from UAE-based businesses are also attending the event.

Read more:
Brazil, UAE enter into investment agreement

Ministry of Foreign Affairs/United Arab Emirates

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