UAE & UK agree to integrate development strategies during 5th Joint Economic Committee

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UAE & UK agree to integrate development strategies during 5th Joint Economic Committee

The 5th UAE-UK Joint Economic Committee (JEC) was held in London with the participation of a high-level official delegation from the UAE, led by H.E Eng. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs in the Ministry of Economy, on behalf of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy.

Her Excellency Baroness Fairhead, UK Minister of State for Trade and Export Promotion led attendees from the UK side. The Committee was held in the presence of H.E. Sulaiman Al Mazroui, UAE Ambassador to UK.

The newest session of the Committee focused on confirming the incorporation between development visions of both countries, through developing broader economic partnerships across priority fields according to objectives of the UAE Vision 2021, and the UKs Industrial Strategy and Export Strategy.

The JEC also discussed chances for collaboration in the areas of energy, healthcare, life sciences, information technology, space, infrastructure, education, financial and professional services, as well as fields based on technology, innovation, Fourth Industrial Revolution (4IR) and artificial intelligence (AI). The two countries also arranged to hold the next session of the Committee in the UAE in 2021 during the Expo 2020 Dubai.

H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said that the UAE-UK relations are deep-rooted in the history of both countries and are based on strong ties of collaboration and respect for mutual interests.

H.E Al Shehhi said during his speech on behalf of the UAE Minister of Economy that the topics covered by the 5th JEC mark the beginning of a new chapter in the economic collaboration between the two friendly countries. He further added that the UK is one of the most sustainable and reliable trade partners of the UAE, and the continuous growth rates achieved through this partnership reflect the shared objectives to encourage and develop aspects of bilateral cooperation, particularly in economic, trade and investment sectors.

He added that in light of the trade and joint investment figures, the UAE is the largest market for UK exports market in the region, and the fourth largest outside the European Union (EU). The total trade exchange of goods and services between the two countries during 2017 amounted to around 17.5 billion pounds with an estimated growth of 25 per cent during 2016-2017. Besides, the volume of foreign trade in non-oil goods between the two countries was estimated at approximately 9 billion pounds in 2018, recording a growth rate of 10 per cent over 2017.

In addition, many indicators reflect the outstanding nature of the present economic corporation between the two friendly countries. More than 120,000 Britons live and work in the UAE, and around 6,000 British companies, including some leading players, operate in the country's markets, making the UK the largest foreign investor in the UAE. In terms of tourism, the British market occupies an important place, with the number of British tourists to the country in 2018 nearing 1.5 million.

He added that the latest JEC session has successfully outlined frameworks to link the strategic and development visions of both countries, particularly the objectives of the UAE Vision 2021, which objects to reinforce the status of the country as a major commercial and logistical hub in the region, and the UKs Industrial Strategy and Export Strategy, which aims to strengthen the UK's position as a global exporter.

Her Excellency Baroness Fairhead said that both countries appreciate strong trade relations as clearly reflected by growth rates of foreign trade volume in the past years. This is what we want to uphold in the next phase, while also escalating our joint efforts to achieve further growth in mutual trade, she said.

She further added that the UAE is a vital trade hub and plays a key role in enabling trade and investment in the region, and aids as a hub for regional expansion in the Middle East and wider Africa and Asia region. As the minister responsible for the United Kingdom's involvement in the Expo 2020, she highlighted the UK's commitment to ensuring a highly productive participation.

The UK is participating in Expo 2020 with a unique pavilion highlighting the British expertise in the field of AI and space technology.

According to Expo's figures, the number of British companies that have registered on the global e-market platform of Expo 2020 has reached around 1,321, including 977 small and medium-sized companies.