The UAE and the European Union continue negotiations to reach a comprehensive economic partnership agreement
Dubai, May 28 / WAM / The United Arab Emirates and the European Union continue their negotiations on the comprehensive economic partnership agreement, in a move aimed at strengthening trade and investment relations and opening new horizons for economic cooperation between the two sides.
In this context, His Excellency Dr. Thani bin Ahmed Al -Zyoudi, Minister of State for Foreign Trade, received His Excellency Marush Chevovich, Commissioner for Trade and Economic Security in the European Union, during an official visit to the country, which witnessed extensive meetings with representatives of major companies in the private sector from both sides, with the aim of exploring opportunities to increase cooperation and investment flows between the UAE and the European Union.
His Excellency Thani Al -Zyoudi stressed the importance of the comprehensive economic partnership agreement with the European Union in upgrading strategic relations between the two sides commercially and investment, and he said: The negotiations of the comprehensive economic partnership agreement between the UAE and the European Union represent an important station in the march of Emirati European relations, where the agreement is of great importance to the UAE and the European Union together, and represents a distinguished opportunity to enhance trade and investment, and support cooperation that will achieve mutual benefits And a common prosperity.
His Excellency added: We will work together through the agreement to strengthen supply chains, advance innovation, and provide opportunities that benefit our societies and economies for many years.
For his part, His Excellency Marush Chevovich said that the European Union is a reliable commercial partner that respects the agreements it concludes, and it is natural that we seek to consolidate our commercial and investment relations with old and reliable partners such as the UAE.
He stressed that the bilateral free trade agreement provides promising commercial opportunities for both European and Emirati companies, therefore, we aim to reach an ambitious agreement that enhances commercial flows in a way that benefits both sides, and achieves tangible and permanent benefits for business community, as well as the ability to explore and provide opportunities, which are extremely important for any successful business and this would enhance our regional cooperation with the Gulf Cooperation Council countries.
The expanded meeting of representatives of business community and the private sector from both sides witnessed discussions to determine mutual investment opportunities that can push innovation and sustainable economic development.
Foreign investment flows between the UAE and the European Union are witnessing a strong activity, following the recent partnerships in the field of data centers in Italy, solar power plants in Spain, and the development of a number of neighborhoods in Budapest.
The agreement between the UAE and the European Union can open additional opportunities prospects, including a $ 50 billion deal to establish a data intelligence center with France and an obligation of $ 40 billion within the energy and defense sectors in Italy.
The comprehensive economic partnership agreement between the UAE and the European Union is an important station to enhance economic ties and open new paths for trade and cooperation, and the agreement will pave the way for removing commercial barriers, improving the access of goods and services to the markets, and stimulating investments in the main sectors of common concern.
By consolidating access to the European market, the second largest economic bloc in the world, the agreement will establish the position of the UAE as a global platform for trade and logistical services.
The European Union is one of the most important commercial partners of the UAE, as it represents 8.3% of the total non -oil trade, as the value of non -oil trade between the two parties amounted to 67.6 billion dollars in 2024, which represents growth of 3.6% compared to 2023.
The comprehensive economic partnership agreements program is a basic pillar of the foreign trade agenda adopted by the UAE, which embodies the state’s commitment to open trade based on the rules to advance economic growth and diversify its economy.
By strengthening access to global markets and establishing stronger commercial and investment flows with partners around the world, the program contributed to achieving a record for non -oil trade of $ 816 billion in 2024, an increase of 14.6% compared to 2023.
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