The meeting of heads of State during the South America-Arab Countries Summit will pave the way for relationships between the two regions in various commercial areas, declared the Algerian ambassador to Brazil, Lahcène Moussaoui.
“I referred to trade, but I think that our relations, be that bilateral – between Brazil and Algeria – or between the Arab world and the South American community, can gain impetus from this type of encounter.”
One of the themes of the Summit, which will be held on May 10 and 11, is commercial approximation between the regions.
According to the Algerian ambassador, the encounter of Latin and Arab countries reveals the common interests of these nations.
“The initiative is the best proof of this, because President Luiz Inácio Lula da Silva took it in the conviction that the two groups have many common interests, political, economic, and cultural.”
Moussaoui also said that since he arrived in Brazil in 2001, Brazilian exports to Algeria – which amounted to only US$ 41 million at the time – have more than doubled each year.
“Algeria is now Brazil’s chief Arab partner, and Brazil is our chief partner in Latin America. We have already attained US$ 2.3 billion in trade relations.” Last year Brazil imported US$ 1.9 billion worth of products from Algeria.
The Arab League, formed by Algeria and 20 other countries, has been enlarging its commercial partnership with Brazil in recent years, at a greater average rate of growth than other blocs, according to the Ministry of Development.
Between 2003 and 2004 Brazil’s exports to Arab League countries grew 46%, while imports grew 56%.