FINANCIAL NEWS

GCC aims further ties with commodity-rich Latin America

31 May 2017

(MENAFN) GCC States are aiming to increase economic ties with Latin America, a main exporter of food and commodities, while a lack of free trade deals between both sides is proving problematic.

In April, Dubai opened a trade mission in Sao Paulo, Brazil’s largest city, which is the emirate’s 8th such office worldwide and the Gulf business hub is considering establishing another one in Argentina.

Moreover, trade flow between the region and Latin America reached 1 percent of the GCC’s whole exports and 2 percent of its imports.

Accordingly, almost 80 percent of the GCC’s locally consumed food is imported and Latin America can fulfill a bigger share of this demand.

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MENAFN3105201700450000ID1095524319

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