With the intention of boosting exports to Arab nations, the Argentine
and Brazilian chambers of commerce have established an Arab-South
American Commerce Federation it was reported in Buenos Aires.
The aim is to increase both countries’ exports to the region after
reaching a combined total revenue of 30 billion dollars last year, with
six billion corresponding to Argentina.
Edgar Omar Figueredo, the Argentine-Arab Chamber of Commerce
president, explained that the core objective of the new entity is the
co-ordination of commercial relations and economic and investment
cooperation between South America and Arab nations.
The institution’s creation was sealed last week in Buenos Aires with
the initial incorporation of Argentina and Brazil’s chambers of
commerce, while Colombia, Uruguay, Chile and Peru will gradually join
in.
“The chamber’s challenge is not only to increase the level of trade
between the regions but also to better organize the activities of
promotion in fairs and missions along with overcoming non-tariff
barriers still in force,” Figueredo added.
With its formal headquarters in Sao Paulo, the Federation will
congregate business chambers currently exporting to more than 20 Arab
countries.
In approximately 20 years, Argentine trade with Arab states has
increased exponentially, from U$S 342 million in 1990 to six billion
dollars in 2012.
“In line with the integration of the South-South countries, our
intermediate institution will strengthen the first steps of companies
when trading with Arab countries, with a very large potential for
growth,” Figueredo affirmed.
The head of the chamber which conglomerates 200 national firms
highlighted that the trade is almost 98% favourable to Argentina, with
similar proportions for Brazil.
The Argentine-Arab Chamber of Commerce president added: “The Arab
countries are hungry for consumer products and today have a very high
purchasing-power, which makes it a very interesting market for the
region.”
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