Dubai – Mubasher: Trade exchange between GCC nations and Latin America and the Caribbean (LAC) countries registered $16.3 billion during the full-year 2018, according to a new report released by Inter-American Development Bank (IDB) in cooperation with Dubai Chamber.
The UAE, the top growth market for LAC traders, accounted for 27% of GCC exports to LAC nations, and received 46% of LAC’s total imports, the report, entitled “Towards a Renewed and Strengthened Relationship: Fostering ties between Latin America and the Caribbean and the Gulf Countries”, said.
Brazil, Argentina and Mexico were identified as the top trading partners in the region for GCC markets, acquiring 76% of the total intraregional trade between both regions.
Brazil’s trade with the Gulf countries amounted to $9.1 billion in 2018, followed by Argentina and Mexico with $2 billion and $1.3 billion, respectively.
IDB estimates that new trade agreements could potentially increase trade flows between the GCC and LAC regions by $9.8 billion per year.
Expanding diplomatic footprint could give a $3.3 billion boost to bilateral trade, the report added.
“Simplifying export and import mechanisms and processes, and implementing initiatives such as a single-window system for all procedures, licensing licensed economic agents, and signing mutual recognition agreements with procedures adopted by each country were also important steps that countries in the two regions could take to facilitate and accelerate bilateral trade in the future,” the report highlighted.
Plastic products and electrical machinery remained the top categories, followed by vehicles, pharmaceutical products, electrical appliances, iron and steel.
Organised by Dubai Chamber and IDB, Panama 2019 is bringing together government and business leaders from Latin America, the Caribbean and GCC regions in Panama City to explore new avenues of economic cooperation.
Running between 9-10 April, the forum is held under the theme “Next Hubs, New Regions”, offering a platform for stakeholders to discuss concrete business prospects and new opportunities available in Latin America and the wider Gulf region.
