UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan; Luiz Inácio Lula da Silva, President of the Federative Republic of Brazil; and Santiago Peña, President of the Republic of Paraguay; witnessed the signing of a joint declaration for cooperation regarding the Bi-Oceanic Corridor. This took place during the UN Climate Change Conference (COP28) held at 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.

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 kilometres away.

The declaration was signed by Mohamed Hassan Alsuwaidi, UAE Minister of
Investment; Rubén Ramírez, Minister of Foreign Affairs of Paraguay; Mauro Vieira, Minister of Foreign Affairs of Brazil; Alberto van Klaveren, Minister of Foreign Affairs of Chile; and Jorge Agustín Molina Arambarri, Ambassador of Argentina to the UAE, in the presence of several officials from the UAE Ministry of Foreign Affairs.

It also 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.

Source: Emirates News Agency