UAE, Poland seek to strengthen financial and economic ties

The UAE and Poland plan to strengthen their bilateral financial and economic ties while assessing prospects in key sectors including renewable energy, tourism and the fintech sector.

“The UAE is keen to consolidate economic and financial ties and partnerships with Poland and expand areas of cooperation to include key areas of common interest. Our cooperation will contribute to advancing our economies and consolidating our bilateral relations,” said Mohamed bin Hadi Al Hussaini, UAE’s Minister of State for Financial Affairs.

The two countries agreed to strengthen their cooperation and exchange knowledge, experiences and best practices in the field of tax policy.

These practices include digital reporting requirements, big data analysis, machine learning, means of supporting research and innovation, and in addition to deploying new technologies in the public sector such as artificial intelligence.

HE Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, met with HE Magdalena Rzeczkowska, Minister of Finance of the Republic of Poland, to discuss ways of enhancing financial and economic cooperation between the two countries.#mofuae #news pic.twitter.com/BBLcONJgrJ

— وزارة المالية | الإمارات (@MOFUAE) May 26, 2023

The UAE is one of Poland’s biggest trading partners in the GCC region, as the volume of non-oil intra-trade between both countries reached Dhs3bn in the first half of 2022, a 22 per cent increase compared to the same period in 2021.

The volume of non-oil intra-trade between the two countries reached Dhs5.3bn in 2021 achieving a growth of 12 per cent compared to the previous year.

UAE boosts trade ties

Meanwhile, the incentives offered by the UAE economy include Investopia, the global investment platform, in addition to the comprehensive economic partnership agreements (CEPA).

Since 2021, the Gulf state has signed four bilateral trade agreements – with India, Israel, Indonesia and Turkiye – and has launched CEPA talks with others including South Korea, Thailand, Malaysia, Ukraine and Vietnam.

Agreements with India and Israel have been entered into force, while those with Indonesia and Turkey are soon to be implemented. The negotiations are expected to lay the foundation for building a significant platform to future-proof economic and trade relations.

The World Trade Organisation’s (WTO) Global Trade Outlook and Statistics Report 2022 said that the UAE’s trade in goods with the rest of the world hit $1.024tn in 2022/, as the share of both exports and imports increased on the back of higher oil prices.

The trade body ranked the UAE 11^th in terms of exports of commodities and the 18th importer of global merchandise goods trade worldwide.

The Emirates is currently in talks with more markets of strategic importance at the regional and global levels to establish trade agreements as the country seeks to cement its position as a global trading and business hub.

Read: UAE, Malaysia agree to launch CEPA negotiations