The United Arab Emirates and Brazil announced they had entered into a partnership to share knowledge and expertise across several key economic sectors. The partnership was announced during a visit by a Brazilian delegation to the UAE, according to a September 3 statement from the UAE’s Ministry of Cabinet Affairs.

This comes as part of the UAE’s government experience exchange program, which was launched in 2018 and has led to partnerships with over 30 countries.

The UAE and Brazil will exchange information in areas of key economic policy and strategy, including competition, intellectual property, economic development, foreign trade and anti-money laundering practices. The countries already work together across several important industries such as transportation, shipping, construction, port management, mining, energy, banking and finance.

“The partnership will enable the concerned teams in the UAE and Brazil 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,” said Abdulla Bin Touq Al Marri, the UAE’s Economics Minister. “It will also explore new paths for exchanging knowledge regarding government action and sustainable economic development.”

Brazil is the UAE’s biggest Latin American trading partner and ranks second behind only the U.S. as the country’s most important trade partner, according to The National News. In 2022, the UAE’s non-oil trade with Brazil topped out at $4.3 billion, a 32% year-on-year increase based on figures from the UAE’s Ministry of Economy.