UEA and Latin America to Strengthen International Trade Relations
Stocksnap

An article from the Arabian Business stated that the Ministry of Economy of the UAE had released a public announcement that it will be arranging a visit by a high-ranking official and commercial delegation to Colombia and Mexico in the following week. This is one of the many opportunities that is booming in Latin America's international trade.

UAE Visit to Latin America

The delegation will be led by Sultan bin Saeed Al Mansouri of the Minister of Economy. Also, many officials of the government from various federal and local authorities, a collection of UAE investors, traders, and entrepreneurs will attend the event.

The government of the UAE stated that it aims to strengthen its economic partnerships and commercial relations with the Latin American market.

According to a statement given by Al Mansouri, the UAE is eager to take to a new level their economic partnerships with Latin America. Also, they emphasized that it primarily aims to improve commercial and economic trades with Colombia and Mexico. During the time of the visit, UAE plans to locate collaborative opportunities. Also, it aims to improve the presence of Emirati businesses as investors in the many Mexican and Columbian sectors.

The February 24 to February 27 visit will compose of the collaboration with key economic industries such as non-oil foreign trade, tourism, halal industry, mutual investments, aviation, logistics, and the Mexican and Colombian participation in the Expo 2020 Dubai.

The agenda of the visit include a Mexican City Investment Forum and UAE-Mexican Trade. It will also include conferences with the ministers of Mexico and Bogota high-ranking officials. Additionally, UAE-Colombian Trade and Investment Forum will also take place. Bilateral meetings with the government of Colombia will also be part of the visit.

The task includes Abdullah bin Ahmed Al Saleh,t he Ministry of Economy for Foreign Trade Affairs' Under-secretary, and Mohammad Nasser Hamdan Al Zaabi, the Department of Trade Promotion at the Ministry's director.

Another International Trade Opportunity for Latin America

Latin America's international trade relations are doing great. An article from Logistics Middle East stated that the Director of International Services in Dubai said Panama is a mirror of the image of Dubai.

The multiple sand dunes, fancy cars, and skyscrapers of Dubai frequently witness unending flights of travelers. Similarly, Panama, a small country in Central America can be seen as a partner of Dubai.

According to Omar Khan, the Director of International in Dubai, Panama has the potential to become the next gateway of the emirates to Latin America.

According to Khan, the unpredictability of the region allows it to decide to look for new opportunities involving international trade.

The relevance of the region was pointed out in April 2019 when the Dubai Chamber of Commerce and Industry held the Global Business Forum Latin America 2019. This is the first time that such an event was held outside the emirate.

It was concluded during the event that the trade relations of Dubai, Latin America, and the GCC is still open for growth. Based on the results of a study conducted by the Dubai Chamber and the Inter-American Development Bank, trade flows between the GCC, Caribbean, and Latin America totaled $16.3 billion in 2018. Gulf countries had imported $10.9 billion and $5.4 billion worth of goods.