The African-Brazilian Chamber of Commerce has been launched on Tuesday on the sidelines of the Brazil & Arab Countries Economic Forum, taking place in Sao Paulo until next Thursday. Brazilian President Jair Bolsonaro has inaugurated the Forum in the presence of more than 30,000 physical and virtual participants. Ibrahim Mahmoud al-Araby, Chair of the Union of African Chambers of Commerce, Industry, Agriculture, and Professions (UACCIAP) and Rubens Hannun, Chairperson of the Arab Brazilian Chamber of Commerce (ABCC), have signed the agreement to establish the new chamber on the sidelines of the Forum. The new chamber will benefit from the African Continental Free Trade Area (AfCFTA), the giant free-trade zone which will unite 1.3 billion people, create a $3.4 trillion economic bloc, and usher in a new era of development for Africa, al-Araby said. It aims to cement and broaden partnerships, create opportunities, and most of all bring Brazilians and Africans closer together, working to promote commercial and cultural integration between Brazil and African countries, he added. From his part, Hannun praised Egypt's numerous investment opportunities, including in the Suez Canal Economic Zone, and 1.5 Million Feddans Project for Land Reclamation, in addition to other mega manufacturing, trade, and logistics projects. The new chamber will make room for boosting relations between Egypt and Brazil, and between Mercosur countries and Africa, Hannun added.
