UAE, Brazil, Paraguay ink deal on Bi-Oceanic Corridor

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and leaders of Brazil and Paraguay, Luiz Inácio Lula da Silva and Santiago Peña, witnessed the signing of a joint declaration for cooperation on the Bi-Oceanic Corridor.

It took place on the sidelines of the COP28 summit being held in Expo City Dubai.

The project aims to enhance regional integration and logistical efficiency between the UAE, Brazil, Paraguay, Argentina, and Chile.

It also focuses on attracting investments and generating investment opportunities in Latin America through the corridor, thereby expanding regional trade, and aims to increase the flow of agricultural products to Pacific Ocean ports and boost regional trade and tourism.

Additionally, the project focuses on reducing container transportation costs, thereby diversifying regional markets and expanding trade opportunities with Asia and other regions around the world.

The project contributes to enhancing economic competitiveness in the region by connecting the Atlantic and Pacific Oceans through the Brazilian port of Campo Grande, extending to Paraguay and northern Argentina, and reaching the Chilean port of Antofagasta, 2,400 kms away.