UAE calls Arab-European economic cooperation comprehensive model

Abdullah bin Touq Al Marri, Minister of Economy of the United Arab Emirates, called on European and Arab countries to develop a more sustainable model for Arab-European economic cooperation that serves the development goals of both sides and contributes to reducing the knowledge and technology gap and building the capacities of the least developed countries.

Arab-European economic cooperation

Al-Marri added during his participation in the work of the fifth session of the European-Arab Summit 2020, which was held virtually in Athens under the slogan “strategic partnership“, that the repercussions that the world is witnessing today as a result of Corona confirmed the necessity of building new models of international cooperation that work to generate commercial and investment opportunities.

Arab-European economic cooperation session

Bin Touq participated in a session entitled “Leading Investment and Innovation”, which discussed new paths for investment, innovation, opportunities for partnerships, and the challenges to be addressed in the next phase to enable European and Arab countries to move to the applications of the new economy.

He explained during the session that the UAE is a major player on the map of Arab-European economic cooperation, as the value of the UAE’s non-oil foreign trade with the European Union countries amounted to 48.8 billion dollars in 2019, of which 37.8 billion dollars are imports, and 8.4 billion Re-exports countries, and $ 2.7 billion in non-oil exports.

UAE ranked in the European Union exports

The European Union countries are among the most important trading partners of the UAE after China, as this group accounts for 10.6 percent of the UAE’s non-oil foreign trade.

The European Union countries are the most important source of UAE imports, and they account for 14.6% of the UAE’s total merchandise imports from the world.

At the same time, the UAE ranks first in the Arab world and 15th in the world as the most important destination for European Union exports.

The UAE is the most important center for European products in the region and hosts the regional headquarters of the largest European companies operating in vital and advanced sectors, thanks to the efficiency of the country’s economic policies based on openness, transparency and facilitating the investment climate.

UAE long-term vision to build a new economic model

The Minister of Economy pointed out that the UAE has set a long-term vision to build a new economic model that is more flexible and sustainable, and has identified sectors to lead the development of the next stage, including renewable energy, tourism, entrepreneurship, emerging companies, e-commerce, digital economy, technological industries, food security, space technology and green growth, while developing a business environment. An incubator for innovation, scientific research and applications of the Fourth Industrial Revolution.

He reviewed the efforts made by the state to enhance the competitiveness of the business environment and attract foreign investments that serve national priorities, and to prepare legislation supportive of this trend, most notably the foreign direct investment law, openness policies, economic diversification, advanced technological infrastructure and easy government procedures.

He noted that this development vision places among its priorities the development of pioneering international partnerships that serve these trends, noting that the UAE is associated with many European Union countries with important agreements and partnerships to develop capabilities in the fields of the new economy.

Arab-European economic cooperation summit

He called for benefiting from this summit in expanding the scope of existing partnerships bilaterally among countries to take a regional dimension and developing a more comprehensive model for Arab-European economic cooperation that works to enhance the capabilities of countries to keep pace with rapid economic developments and deal with any future challenges.

The summit discussed ways to enhance cooperation in various development issues of common interest, such as providing opportunities for youth, education, trade, investment and others, as well as discussing ways to deal with the economic and social impact of COVID-19 on the Arab world, and discussing measures to mitigation measures that a number of countries have already taken.

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