UAE-Cuba economic ties poised for growth as first joint committee meets in Dubai
Organized under the framework of the trade, economic, and technical cooperation agreement signed earlier by both nations, the session marked a significant step forward in advancing bilateral economic engagement.
The committee meeting was co-chaired by Abdullah Ahmed Al-Saleh, undersecretary of the UAE Ministry of Economy, and Carlos Luis Jorge Mendez, Cuba's first deputy minister of foreign trade and foreign investment. According to the UAE's official news agency WAM, discussions centered on enhancing collaboration in agriculture, food security, infrastructure, transportation, logistics, cultural industries, healthcare, and pharmaceuticals.
Non-oil trade between the two countries has been steadily rising. It reached over $39.1 million in 2024—up more than 2 percent from the previous year and 46.4 percent compared to 2022, WAM reported. The agency added that trade during the first quarter of 2025 rose by 5.6 percent compared to the same period in 2024, and by over 25 percent from the fourth quarter of that year. More than 825 Cuban brands are currently operating in the UAE market.
According to WAM, Al-Saleh said that bilateral ties continue to advance steadily, particularly in the economic and commercial spheres, adding: 'This reflects the visionary leadership of both nations in fostering growth and prosperity and in serving their shared interests.'
He continued: 'The first session of the Joint Economic Committee between the two countries marks a key milestone in enhancing economic and investment relations in the coming period. It expands areas of cooperation in priority sectors, strengthens engagement between the Emirati and Cuban business communities, and explores promising market opportunities — contributing to the national goals of the 'We the UAE 2031' vision.'
Attended by the ambassadors of both countries, the session concluded with an agreement to establish a joint framework that will oversee implementation of the committee's outcomes, ensuring the continuity of economic cooperation and shared growth.
According to WAM, both sides also agreed to coordinate business forums and economic events, exchange trade delegations, and facilitate increased trade and investment flows between Emirati and Cuban companies. The agency added that the two parties proposed organizing joint meetings, seminars, and workshops involving investors, promotion agencies, and financial institutions to attract investment in high-priority sectors.
'They stressed the importance of advancing economic cooperation through new partnerships in entrepreneurship and the startup ecosystem, with the aim of accelerating SME (small and medium-sized enterprise) growth, expanding investments, supporting exports to international markets, and increasing their contribution to the national GDPs (gross domestic products) of both countries,' WAM added.
Food security and agriculture were also top priorities, with both sides expressing interest in boosting trade in food commodities and agricultural products. They also committed to working together on sustainable farming, food processing, and agricultural technology.
Tourism was highlighted as another strategic sector for collaboration. Both nations agreed to co-host exhibitions, events, and conferences to showcase their tourist and heritage destinations. They also discussed sharing expertise and data on tourism resources, statistics, and digital innovations.
The committee's formation follows recent government restructuring in the UAE. Just over two weeks ago, Sheikh Mohammed bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, announced the creation of a Ministry of Foreign Trade, led by Thani Al-Zeyoudi. The Ministry of Economy was also renamed the Ministry of Economy and Tourism, now headed by Abdullah bin Touq Al-Marri.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
23 minutes ago
- Al Arabiya
Asia number one target of Trump's tariff letters
Donald Trump sent letters to 14 countries, mainly in Asia, informing them that higher import tariffs will come into effect on August 1 unless they reach a deal with the United States. It is the second time the US president has set a deadline after he postponed tariffs on almost all countries in April for 90 days. Countries that have large trade imbalances with the United States have been key targets, including Japan ($68.5 billion surplus in 2024), South Korea ($66 billion), Thailand ($45.6 billion) and Indonesia ($17.9 billion). Here is a summary of what Trump's letters mean for these countries: South Korea: Optimistic for a deal South Korea, already burdened by sector-specific levies on steel and automobiles, is facing a 25 percent tariff hike on its remaining exports to the United States, but is cautiously optimistic of brokering a deal. Washington 'expressed agreement' and 'hoped the two sides could reach an agreement before then (August 1) through close communication', South Korea's national security adviser Wi Sung-lac said after meeting US Secretary of State Marco Rubio on Monday. South Korea, one of the world's biggest shipbuilders, agreed to 'coordinate closely' with Washington on the industry to achieve 'tangible and mutually beneficial outcomes', he said. Japan: Elections, rice and autos A close US ally and the largest source of foreign investment in the country, Japan also has to deal with a 25 percent levy on its key auto industry. It is now facing similar tolls on other goods, up from 24 percent announced in April, but better than the '30 percent, 35 percent or whatever the number is that we determine' threatened by the president last week. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting Monday that the tariff set out in the letter was 'genuinely regrettable', according to local media reports. The reason for not making a deal, he said, was 'the Japanese government has avoided making easy compromises, firmly demanding what should be demanded, protecting what should be protected, and has conducted rigorous negotiations.' Trump has criticized Japan for not opening its market to American rice and vehicles enough. Rice imports is a taboo topic for the Japanese government, which claims to defend local farmers' interests and has taken a hardline approach to talks ahead of an upper house parliamentary election on July 20. Indonesia: Boost US wheat imports Jakarta, facing 32 percent tariffs, plans to increase its agricultural and energy imports from the United States to finalize an agreement, Economy Minister Airlangga Hartarto recently told AFP. Indonesia had already announced Monday it had signed an agreement to import at least one million tons of American wheat annually for the next five years, worth $1.25 billion. Cambodia, Myanmar, Laos: China allies face heavy levies Trump announced 49 percent tariffs on Cambodia in April, representing one of the highest in his blitz. Monday's letter to the country that hosts many Chinese owned factories, reduces this rate to 36 percent. Prime Minister Hun Manet assured the White House of Phnom Penh's 'good faith' in negotiating, with reduced tariffs on 19 categories of American products. Myanmar and Laos, which both face 40 percent tolls, rely heavily on Chinese investments, while their supply chains are closely intertwined with Asia's largest economy. Washington has repeatedly highlighted the risk of Chinese products passing through other Southeast Asian countries to avoid US tariffs targeting China, a concern mentioned in Trump's letters. Thailand, Malaysia: Making pledges Thailand was told it faces 36 percent levies in its letter. Bangkok is offering more access to its market for American agricultural and industrial products, increasing its energy purchases, and boosting orders for Boeing airplanes. Acting prime minister Phumtham Wechayachai told reporters Tuesday he wanted a 'better deal', adding that 'the most important thing is that we maintain good relations with the US.' Bangkok's latest proposal aims to grow bilateral trade volumes and reduce its US trade surplus by 70 percent within five years, achieving balance in seven to eight years, Finance Minister Pichai Chunhavajira recently told Bloomberg News. Thai Airways could commit to purchasing up to 80 Boeing planes in the coming years, according to Bloomberg. Malaysia faces a 25 percent tariff and the trade ministry said Tuesday it will continue negotiations to reach a 'a balanced, mutually beneficial, and comprehensive trade agreement.' Bangladesh: Textiles at risk The world's second-largest textile manufacturer is looking at a 35 percent tariff on its goods but was hoping to sign an agreement by early July. Textile and garment production accounts for about 80 percent of the country's exports, and US firms that source products from there include Fruit of the Loom, Levi Strauss and VF Corp -- whose brands include Vans, Timberland and The North Face. Dhaka has proposed to buy Boeing planes and boost imports of US wheat, cotton and oil. 'We have finalized the terms,' Commerce Ministry Secretary Mahbubur Rahman told AFP, adding that negotiators were set to meet Tuesday to finalize their work. Other targeted countries Kazakhstan (25 percent), South Africa (30 percent), Tunisia (25 percent), Serbia (35 percent), and Bosnia (30 percent) are among the other recipients of the letters made public by Trump on Monday.
Al Arabiya
39 minutes ago
- Al Arabiya
China warns Trump on tariffs, threatens retaliation on supply chain deals
China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains. Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente. On Monday, President Donald Trump began notifying trade partners of sharply higher U.S. tariffs from August 1, after he delayed all but 10 percent of his April duties on most countries to give them time to strike deals with the world's largest economy. China, initially singled out with tariffs exceeding 100 percent, has until August 12 to reach an agreement with the White House to keep Trump from reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May. 'One conclusion is abundantly clear: dialogue and cooperation are the only correct path,' the official People's Daily said in a commentary, referring to the exchanges in the current round of China-U.S. trade tension. The article was signed 'Zhong Sheng', or 'Voice of China', a term the paper uses to express views on foreign policy. Reiterating Beijing's view that Trump's tariffs amount to 'bullying', the paper added, 'Practice has proven that only by firmly upholding principled positions can one truly safeguard one's legitimate rights and interests.' The remarks set the stage for another round of tariff war should Trump stick to what the ruling Communist Party's official daily said was 'a so-called 'final deadline.'' The average U.S. tariff on Chinese exports now stands at 51.1 percent, while the average Chinese duty on U.S. goods is 32.6 percent, with both sides covering all their trade, the Peterson Institute for International Economics said. The paper also took a swipe at regional economies that are considering striking tariff reduction deals with the United States that cut China out of their supply chains. Last week, Vietnam secured a tariff reduction to 20 percent from 46 percent with a deal for goods 'transshipped' through it, typically originating from China, to be subjected to a levy of 40 percent. 'China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions,' the paper said. 'If such a situation arises, China will not accept it and will respond resolutely to protect its legitimate interests.'
Al Arabiya
3 hours ago
- Al Arabiya
Netanyahu says any future Palestinian state would be a platform to destroy Israel
Israeli Prime Minister Benjamin Netanyahu said on Monday he wanted peace with Palestinians but described any future independent state as a platform to destroy Israel, and for that reason, sovereign power over security must remain with Israel. Speaking at the White House, where he met US President Donald Trump, Netanyahu described the October 7, 2023, Hamas attack on Israel from the Gaza Strip – where Hamas was in control – as evidence of what Palestinians would do with a state. Trump said, 'I don't know,' when he was asked by reporters if a two-state solution was possible and referred the question to Netanyahu. Netanyahu said: 'I think the Palestinians should have all the powers to govern themselves, but none of the powers to threaten us. That means a sovereign power, like overall security, will always remain in our hands.' Later he added: 'After October 7th, people said the Palestinians have a state, a Hamas state in Gaza, and look what they did with it. They didn't build it up. They built down into bunkers, into terror tunnels after which they massacred our people, raped our women, beheaded our men, invaded our cities and our towns, our kibbutzim and did horrendous massacres, the kind of which we didn't see since World War Two and the Nazis, the Holocaust. So people aren't likely to say, 'Let's just give them another state.' It'll be a platform to destroy Israel.' 'We will work out a peace with our Palestinian neighbors, those who don't want to destroy us, and we will work out a peace in which our security, the sovereign power of security, always remains in our hands,' Netanyahu said. 'Now people will say, 'It's not a complete state, it's not a state, it's not that.' We don't care. We vowed never again. Never again is now. It's not going to happen again.' Palestinians have long sought to create an independent state in the occupied West Bank, Gaza, and East Jerusalem through a US-mediated peace process. Many accuse Israel of having destroyed Palestinian statehood prospects through increased settlement building in the West Bank and by leveling much of Gaza during the current war. Israel rejects this. Cabinet ministers in Netanyahu's Likud party called last week for Israel to annex the Israeli-occupied West Bank before the Knesset recesses at the end of July. Israel's pro-settler politicians have been emboldened by the return to the White House of Trump, who has proposed Palestinians leave Gaza – a suggestion widely condemned across the Middle East and beyond. The Gaza war erupted when Hamas attacked southern Israel in October 2023, killing around 1,200 people and taking 251 hostages, according to Israeli tallies. Some 50 hostages remain in Gaza, with 20 believed to be alive. Israel's subsequent assault on the Palestinian enclave has killed over 57,000 Palestinians, according to the Gaza health ministry. Most of Gaza's population has been displaced by the war. Trump hosted Netanyahu at a White House dinner on Monday, while Israeli officials held indirect negotiations with Hamas in Qatar aimed at securing a US-brokered Gaza ceasefire and hostage-release deal.
