According to Amac News: Brazil, which assumed the G20 presidency in December 2023, has identified its priorities as developing global governance, combating poverty and hunger, and addressing climate and energy challenges.
The UAE, participating as a guest at this summit, has expressed its support for these priorities, having elevated its relations with Brazil to the level of strategic partnership in 2019.
Throughout this year, the UAE has paid special attention to participating in all G20-related ministerial meetings held in Brazil.
In terms of bilateral relations, the UAE is one of Brazil's largest economic partners in the Middle East, with trade between the two countries reaching AED 13.28 billion in the first eight months of this year. Brazil is currently the UAE's largest trading partner in Latin America and the second largest in the Americas after the United States.
On the other hand, the UAE has growing and developing relations with other G20 countries. Trade and investment relations between the two sides reached $196.1 billion in the first half of 2024, reflecting a 4.1% increase compared to the same period last year.
The G20 accounted for 51.6% of the UAE's total non-oil foreign trade during this period. The UAE's non-oil trade with G20 countries reached $393.2 billion in 2023, showing an 11.5% increase.
The G20 consists of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States, along with the African Union and the European Union.
G20 members represent approximately 85% of global GDP and over 75% of global trade.