Emirates News Agency – Al-Sioudi and UK Minister for Trade and Commerce discuss partnership ties between the two countries

ABU DHABI, 26 May / WAM / Minister of Foreign Affairs Dr. Thani bin Ahmad Al Saidi affirmed the depth and strength of the historical ties and relations between the UAE and the United Kingdom and their development. With the support of my leadership, the two friendly nations have moved towards greater cooperation at all levels to achieve greater growth and prosperity for their peoples.

This occurred during Al-Sioudi’s meeting with the Honorable Kimmy Badenoch, Minister for Trade and Commerce in the United Kingdom, in the presence of the Ambassador of the United Kingdom of Great Britain and Northern Ireland, Edward Andrew Beauchamp Hobart.

He emphasized that the close ties of cooperation between the two countries are based on a great balance of historical and strategic partnership, and that the economy is one of its main drivers, and the desire of both countries to improve the speed of their economies. and trade relations, and to stimulate the flow of mutual investments between them at the next stage, in a way that serves their business communities and works towards the achievement of sustainable development goals for each of them.

He added: “The value of non-oil trade between the two countries in 2022 is estimated at 37 billion dirhams, a growth of 26 percent compared to 2021, while the United Kingdom is the fourth largest European trading partner of the UAE as of 2022. data, and accounts for 11 percent of its total non-oil foreign trade with Europe, while the UAE is the number one Arab trading partner and the 19th in the world for the United Kingdom, accounting for 30% of its total. Trade with Arab countries. He pointed out that the UK’s investments in the UAE will be around 77 billion dirhams by the end of 2020; On the other hand, total direct Emirati investments in the United Kingdom are around 29 billion dirhams.

The two sides discussed ways to enhance joint cooperation in all priority sectors, ways to increase the volume of trade exchanges, bilateral economy and preparations for the eighth session of the UAE-British Joint Economic Group, a key platform for advancing the bilateral economy. Trade cooperation relations.

The two ministers discussed the latest developments in preparation for the UAE’s hosting of the 13th Ministerial Conference of the World Trade Organization to be held in the first quarter of 2024, with the attendance of 164 countries.

Both sides agreed on the importance of exploring more promising investment opportunities in the two countries’ markets, and strengthening existing economic partnerships and establishing new economic partnerships in the coming period, especially in the fields of the new economy. Further strengthening cooperation in finance and finance sector, advanced technology and science, industry and renewable energy e-commerce, logistics and supply chains, marine science, climate change, sustainable agriculture, agricultural innovation, food security, scientific research, smart mobility, public transport , exchange of experience in railways, maritime transport and other areas of interest. subscriber.

During the meeting, His Excellency Thani Al-Jayoti presented the key developments in the business environment in the UAE in the past to create an economic environment conducive to business growth and prosperity, and to attract investments. The foresight of the brilliant leadership, launching an ambitious strategy by enacting legislation to attract investment, will attract talent and minds in all fields to improve the country’s position as a permanent hub for creativity and innovation.

He called on companies in the United Arab Kingdom to take advantage of the benefits and opportunities offered by the national economy for growth and expansion in the UAE markets and the Middle East and Africa region. With 4 agreements concluded with India, Israel, Indonesia and Turkey, with Georgia and Cambodia, they will be formally signed soon and ongoing negotiations with a group of strategically important markets regionally and globally. International trade has succeeded in attracting a large number of leading companies in the fields of the knowledge-based future economy, in addition to the “Next Generation Foreign Direct Investment” initiative, in preparation for reaching other similar agreements in the next phase. novelty.