UAE, European Union discuss boosting bilateral ties

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a delegation of senior officials and business leaders to Brussels, Belgium, to enhance economic ties and investment opportunities with Belgium and the wider European Union (EU), state news agency WAM reported.

As part of the visit, Al Zeyoudi met with Vladis Dombrovskis, European commissioner of Trade, to discuss expanding trade relations with the EU and provide updates on preparations for the World Trade Organisation’s 13th Ministerial Conference (MC13) scheduled for 2024 in Abu Dhabi.

In addition, Al Zeyoudi held discussions with Pierre-Yves Dermagne, Belgium’s Deputy Prime Minister and Minister of Economy and Employment, and Hadja Lahbib, Belgium’s Minister of Foreign Affairs, about exploring further opportunities for joint economic cooperation in priority sectors.

He further noted that the visit marks an important continuation of longstanding trade relations shared with the EU.

“The EU is one of the UAE’s largest trading partners with whom we have recorded strong growth over recent years.

We see great importance in strengthening our economic ties with the EU especially in high potential sectors such as digital trade, e-commerce, and innovation where we are actively working to promote collaboration.

“Our meetings reinforce the UAE’s belief that by working together, we can create a mutually prosperous future for our businesses and citizens, and I look forward to ongoing engagement with the EU moving forward,” he added.

Non-bilateral trade

Non-oil bilateral trade between the UAE and EU amounted to $56bn in 2022, achieving growth of 9.3 per cent compared to the same period in 2021.

UAE, EU discuss boosting bilateral ties#WamNews https://t.co/u6mmZlHdy4

— WAM English (@WAMNEWS_ENG) April 26, 2023

Non-oil trade value grew by 28.6 per cent and 14.7 per cent over the same period in 2020 and 2019, respectively.

Additionally, the UAE today stands as Belgium’s leading trade partner in the Middle East, accounting for 21 per cent of Belgium trade with Arab countries in 2022.

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