UAE flag flies over a boat at Dubai Marina
IBTimes US

The United Arab Emirates (UAE) and Brazil have joined hands to launch a partnership to exchange knowledge and expertise in the economic fields, which aims at enhancing modernization, development, and government.

This new partnership was launched during the Brazilian official delegation's visit to the UAE, WAM reported on Sunday. The delegation was headed by the President of the Administrative Council for Economic Defense (CADE), Alexandre Cordeiro Macedo, who was briefed on the innovative business models created by the UAE government in various fields.

Abdulla bin Touq Al Marri, who serves as Minister of Economy of the United Arab Emirates, organized an intensive workshop at the headquarters of the Ministry of Economy in Dubai to discuss the key experiences and expertise developed by the UAE and Brazil.

Minister Al Marri explained that this partnership between both nations will allow them to "learn more about the best government expertise and practices, and also highlight the investment opportunities available to businessmen from both countries, in order to achieve a significant growth leap in economic and trade cooperation relations between them," Arab News reported.

He continued, "It will also explore new paths for exchanging knowledge regarding government action and sustainable economic development."

Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, Abdulla Nasser Lootah, mentioned that this exchange of knowledge partnership in the economic fields represents a new model for the program's partnerships, recalling that it was first launched in 2018 under the Government Experience Exchange Programme.

Aside from Brazil, Minister Lootah noted that the UAE government is looking forward to building such partnerships with governments around the world and exchanging knowledge in various fields.

So far, the UAE has built strategic partnerships under the Government Experience Exchange Programme with several countries including Egypt, Serbia, Uzbekistan, Rwanda, Seychelles, Jordan, Senegal, Greece, Guyana, Colombia, Iraq, Sudan, Costa Rica, Spain, Kyrgyzstan, Maldives, Barbados, Central African Republic, Georgia, Paraguay, and Azerbaijan.

President of CADE, Macedo said that this visit "represents a milestone in the development of competition policy and the promotion of international cooperation between two great nations, Brazil and the UAE."

Besides being a part of this program together, Brazil and the UAE are all set to become a part of the BRICS group - which currently consists of five emerging economies--Brazil, Russia, India, China, and South Africa.

However, from January 2024 onwards, the UAE's membership in the BRICS group will come into effect alongside five other countries -- Argentina, Egypt, Ethiopia, Iran, and Saudi Arabia.