The UAE-Latvia Joint Economic Committee explores opportunities to improve trade and investment relations

Dubai, November 24 / WAM / The Joint Economic Committee between the UAE and the Republic of Latvia held its third session, today in Dubai, under the joint chairmanship of His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, and His Excellency Viktors Valinis, Minister of Economy of Latvia, and with broad participation from government officials, business leaders and private sector representatives from both sides.

The third session of the Committee comes in implementation of Article VI of the Economic Cooperation Agreement concluded between the UAE and Latvia in 2016.

The committee witnessed a discussion and review of the frameworks and channels of the bilateral economic partnership between the two countries and agreement on multiple axes, in a way that enhances mutual benefits, consolidates the bridges of the bilateral economic partnership at the trade and investment levels, explores more opportunities to increase trade exchanges, establish joint industrial partnerships, evaluate the potential for financial cooperation, and other axes for improving the bilateral partnership.

In his opening speech, Al-Zeyoudi stressed that there are promising opportunities to advance trade and investment cooperation relations between the two friendly countries.

His Excellency said: “We meet today to continue building on what was achieved in the previous two sessions of the committee, based on a solid base for our trade and investment relations, in order to explore more opportunities for building bridges of cooperation in priority sectors.”

He called on the private sector and the business community in Latvia to benefit from the growth-stimulating business environment in the UAE, and the facilities and incentives it provides for regional and global expansion, thanks to the country’s strategic location in the heart of global trade, and its position on the international investment map as a preferred destination for ambitious investors seeking to achieve their ambitions in a regulatory and legislative environment stimulating for business.

He added that the UAE is committed to its consistent approach to greater openness to the world for trade and investment, and therefore we continue to conclude comprehensive economic partnership agreements, and to date we have reached 32 agreements, of which 13 agreements have entered into force, consolidating the country’s position as a gateway to facilitating trade and investment flows between parts of the world, because of the advantages of these agreements represented in reducing or eliminating customs duties, facilitating business and creating new opportunities for the private sector.

He stressed that these agreements provide many opportunities for companies in Latvia to access the markets of partner countries through the Emirates, calling for taking advantage of these promising opportunities, in order to achieve the purpose of establishing the joint economic committee between the two friendly countries to develop bilateral economic, trade and investment relations, including small and medium-sized companies, innovation and technological progress, agriculture and food products, energy, renewable energy, infrastructure, transportation, logistics services, tourism and hospitality.

His Excellency pointed out that the trade and investment relations between the UAE and Latvia have witnessed successive positive developments over the past years and that there are many promising opportunities to further improve these relations in light of the great potential of the two countries’ economies.

He pointed out that intra-oil non-oil trade recorded $103 million in 2024, and amounted to about $66.7 million for the first nine months of 2025, while intra-trade investments recorded $150 million, including $125 million from the UAE to Latvia until the end of the first half of 2025, and Latvia received about $70 million during the first half of 2025 alone, compared to $46 million in The entire year 2024, which makes the UAE ranked first in the Arab world as Latvia’s most important trading partner in terms of merchandise trade as well as investment, as a quarter of Latvia’s foreign trade with Arab countries was with the UAE during 2024.

For his part, the Minister of Economy of Latvia expressed his happiness at participating in the third session of the Joint Economic Committee between Latvia and the Emirates and said: “Our presence here reflects Latvia’s commitment to strengthening the bonds of friendship, expanding areas of cooperation, and building new opportunities for our two countries. I am pleased to be accompanied by a strong business delegation that includes more than 20 Latvian companies working in the fields of innovation, technology, energy, construction, transportation, and logistics services. In cooperation with our Emirati partners, we share a clear ambition to deepen economic ties through dialogue and cooperation.”

The third session of the Joint Economic Committee witnessed an agreement to enhance cooperation based on the exchange of benefits and returns. The two sides decided to explore opportunities to increase trade volume, establish joint industrial partnerships, and evaluate the potential for financial cooperation. The two parties discussed bilateral cooperation, and agreed to take measures in the fields of economy, trade and investment, including small and medium-sized enterprises, innovation and technological progress, agriculture and food products, energy and renewable energy, infrastructure, transport and logistics, tourism and hospitality, as well as to intensify cooperation in the economic, trade and investment fields, including small and medium-sized enterprises.

The two sides agreed on the importance of regular exchange of relevant information, such as laws, regulations, and projects aimed at promoting and exploring potential bilateral trade and investment opportunities.

The two sides renewed their commitment to enhancing participation in trade exhibitions held in both countries, such as the Gulfood Exhibition, ADIPEC Exhibition, GITEX Exhibition, Investopia Exhibition in the Emirates, and Investopia Exhibition in Latvia, in order to enhance trade and investment opportunities in priority sectors in both countries. They stressed the importance of continuing commercial visits, official delegations, and other forms of strengthening trade relations.

The two sides also affirmed their support for the efforts made to enhance commercial and industrial dialogue, such as holding conferences, seminars, panel discussions and workshops in the two countries, and stressed the importance of participating in these events, and supporting small and medium-sized companies in expanding the scope of their business and promoting entrepreneurship.

The work of the third session of the Committee witnessed an agreement to encourage and facilitate increased trade flows and investment activities between the two business communities in each of them, including exploring opportunities in sectors such as biotechnology, health services, renewable energy, tourism, agriculture, manufacturing, and others, with a proposal to host joint meetings, seminars and workshops that include investors, investment promotion agencies and investment companies from both countries, and to enhance investment opportunities, priority sectors, available incentives and benefits, and cooperation in the field of innovation and advanced technologies.

Both the UAE and Latvia expressed their willingness to explore joint efforts in the field of technological cooperation and knowledge exchange in areas of common interest, including artificial intelligence, space, quantum computing, robotics, advanced materials, health care, cooperation in the field of agriculture and food security, especially sustainable agricultural practices, agricultural technology, and food processing, and to explore opportunities for cooperation and possible projects in the fields of energy, clean and renewable energy, and water.

The two sides also agreed to continue consulting and exchanging experiences gained in the field of energy transition, implementing renewable energy projects, and exchanging knowledge in building skills and expertise in the field of energy of all kinds through training and capacity-building programs and other possible tools and cooperation in investment, policy research, certificate development, research and development, and innovation in the energy sector. And cooperation in the field of infrastructure, transport and logistics services, including the development of transport infrastructure – including airports, railways and roads – as a means of creating broader opportunities to enhance mutual cooperation and explore joint projects and partnerships to develop port infrastructure and supply chain networks, and benefit from global expertise and affiliations.

At the conclusion of the work of the third session of the Joint Committee, both the UAE and Latvia decided to hold the fourth session of the Committee in the Latvian capital, Riga, at a date agreed upon through diplomatic channels, and they agreed to establish a special working group to follow up on achieving the common goals, with the aim of ensuring their achievement and encouraging UAE investments in Latvia.

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