Jebel Ali Free Zone (Jafza) in the United Arab Emirates (UAE) signed here on Wednesday a Memorandum of Understanding (MoU) with Sao Paulo's Investment Promotion Agency (Investe Sao Paulo) in order to boost trade cooperation and mutual investments, both sides said in an e-mailed statement.

The MoU was signed by Sultan Ahmed bin Sulayem, group chairman and chief executive officer of the world's third largest maritime port operator Dubai Ports (DP) World which controls Jafza, and Juan Quiros, president of Investe Sao Paulo, on the sidelines of the two-day Global Business Forum on Latin America held in Dubai.

Investe Sao Paulo is the biggest agglomeration for trade and industries in South America, as DP World operates 77 container ports in 40 countries across six continents.

In line with DP World's efforts to build lasting partnerships to facilitate the movement of goods across an integrated and global supply chain, "the MoU aims to create opportunities for Brazilian companies in the UAE and provide easy access to Brazilian products in the newer markets of Middle Eastern, South Asian, African and the Commonwealth of Independent States (CIS)," the statement said.

Over the past few years, trade between Jafza and Brazil has steadily grown to reach 764 million dollars in 2015, according to the CEO of DP World.