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LONDON / WAM
The fifth UAE-UK Joint Economic Committee meeting in London has discussed possibilities to further strengthen the wider economic partnership between the two countries.
The meeting was chaired by Mohammed Bin Abdul Aziz Al Shehhi, Under-Secretary for Economic Affairs, Ministry of Economy and Baroness Fairhead, UK Minister of State for Trade and Export Promotion.
The economic partnership could be enhanced in particular in areas where there is complementarity between areas and sectors in the UAE’s national vision and strategies, and the UK’s Industrial Strategy and Export Strategy. Particular emphasis would be placed on opportunities in energy, healthcare and life sciences, cybersecurity and aerospace, artificial intelligence, infrastructure, education, financial and professional services and technology.
The two sides noted the significant increase in bilateral trade (goods and services) from ₤12.34bn in 2013 to ₤17.5bn in 2017, including a 25 percent increase over the two years to end 2017. Both sides will redouble joint efforts to deliver further growth in bilateral trade. As part of this drive, both sides will boost trade and promote the UAE as a regional hub, encouraging more UK entities to locate in the UAE and export to the region and beyond.
The participants noted the value of the wide range of conferences, trade fairs and other fora that offer opportunities to strengthen bilateral ties.
In addition, the UK side welcomed the issuance of the new Federal Law on Foreign Direct Investment, FDI, which is designed to promote and develop the investment environment and enhance attracting foreign direct investments, including from the UK.
The UAE-UK Joint Economic Committee was established by the signature of the two co-chairs in Abu Dhabi on April 7, 2009 under a MoU to strengthen the friendly relationship and further develop cooperation between the two countries. The committee has driven economic momentum through consolidating bilateral cooperative ties, creating more opportunities for business communities and stimulating exchange of expertise.