UAE, EU explore ways to enhance trade, investment relations
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, met with Maroš Šefčovič, European Commissioner for Trade, to discuss the strengthening of bilateral relations between the UAE and the European Union.
The meeting in Brussels was also an opportunity to review progress on the negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), following the first round of discussions held in June and early July.
As UAE-EU bilateral relations continue to strengthen, the UAE-EU CEPA is anticipated to play a vital role in enhancing trade ties, fostering investment opportunities, and driving economic growth between the two parties.
Both parties expressed optimism about the progress and potential benefits of the agreement.
In 2024, non-oil trade between the UAE and the EU reached $67 billion, reflecting a 2.4% growth over the previous year. The EU continues to be a significant trade partner for the UAE, accounting for 8.3% of its total non-oil trade.
Al Zeyoudi remarked, 'Our continued dialogue with the EU is essential in navigating the evolving global trade landscape. The European Union is a highly valued trade and investment partner for the UAE, with ties that continue to deepen across a range of sectors. This growth in trade is aligned with our mutual interests and highlights the importance of collaboration in areas such as energy transition, advanced technology, and food security.'
The meeting served as a platform for both parties to discuss strategies for increasing investments in high-growth sectors, including renewable energy and advanced manufacturing.
The UAE has already established significant partnerships with EU nations, reinforced by ongoing projects in solar energy and innovative technologies.
The UAE delegation to Brussels included Mohamed Al Sahlawi, UAE Ambassador to Belgium, the European Union and Luxembourg, and Juma Al Kait, Assistant Undersecretary at the UAE Ministry of Foreign Trade. As the UAE continues to diversify its economy, the CEPA programme represents a strategic pillar of its foreign trade agenda.
By solidifying trade relationships with key partners like the EU, the UAE aims to enhance access to global markets and stimulate sustainable economic development.
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