UAE and Spain are discussing ways to develop economic relations

Abdullah bin Touq Al-Marri, United Arab Emirates Minister of Economy, discussed with Reyes Marto, Spanish Minister of Industry, Trade and Tourism, economic relations between the UAE and Spain.

UAE and Spain economic relations

This came during a ministerial meeting held via virtual platforms, with the participation of Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, and Majed Al-Suwaidi, the country’s ambassador to the Kingdom of Spain, along with a number of officials of the two countries, according to the Emirati “Economy” statement.

The meeting witnessed a presentation of the prospects for economic relations between the UAE and Spain, as the volume of non-oil trade exchange reached 2.5 billion dollars in 2019.

The ministry added in its statement that the two Hanban discussed ways to enhance economic relations and trade cooperation, especially in the fields of advanced technology, tourism, food security, transportation, air transport and renewable energy.

Abdullah bin Touq stressed the United Arab Emirates’s keenness to enhance joint cooperation efforts with Spain to develop the strategic partnership between the two countries to new levels.

United Arab Emirates initiatives to support the economic sectors

Abdullah bin Touq  said, “Our efforts during the current stage are focused on accelerating the pace of economic recovery, supporting various sectors and activating activities and businesses. These efforts culminated in the United Arab Emirates launching a flexible package of 33 initiatives to support the economic sectors.”

UAE & Spain important partners

Abdullah bin Touq added, “Spain is an important economic and trade partner for the United Arab Emirates, which represents an important opportunity to strengthen the mutual partnership and expand its fields in the interest of the UAE and Spain economies.”

UAE and Spain working jointly to open a safe travel corridor

The United Arab Emirates minister added, “We are discussing with the Spanish side solutions to increase the flow of tourists and increase the number of flights between the two countries, while ensuring the health and safety of travelers. We are interested in working jointly to open a safe travel corridor between the UAE and Spain.”

The Minister of Economy explained that it is an initiative that would facilitate travel and tourism between the two countries and overcome the obstacles imposed by the COVID-19 pandemic on air transport, stressing his country’s keenness to expand this United Arab Emirates initiative to include other countries, because of its positive returns on the commercial and economic growth of the participating countries, It is among the 33 initiatives package.

Free trade agreement

The Minister of Economy emphasized the importance of continuing communication and coordination to increase direct investments between the UAE and Spain, noting that the opportunity is ripe at the present time to start renegotiating the free trade agreement between the Gulf Cooperation Council and the European Union in the near future, and that the United Arab Emirates supports these efforts.

For his part, Dr. Thani bin Ahmed Al-Zeyoudi stressed the importance of sharing expertise and enhancing trade and investment exchange between the two countries, noting that the Kingdom of Spain is one of the important destinations for Emirati investments.

Al-Zeyoudi added: “We are interested in opening new channels for trade and investment cooperation between the United Arab Emirates business community and its Spanish counterpart. Spain is an important economic destination on the European continent, and a gateway to strengthen our commercial network with the European Union countries, as well as with Latin American markets due to the close cultural and historical ties between them and Spain On the other hand, the United Arab Emirates, with its strategic location and advanced trade structure, represents a vital gateway for the flow of Spanish trade to the markets of Asia and Africa.

For her part, Reyes Maroto affirmed the Kingdom of Spain’s keenness to enhance the horizons of bilateral relations between the two countries, noting that food security, technical cooperation and transportation have formed important areas for bilateral partnership during the last period.

“Consultation and coordination will take place between the concerned authorities in the UAE and Spain to discuss the initiative to open a safe travel corridor to facilitate travel and tourism movement between the two countries. We hope to move forward in the path of free trade agreements, and we look forward to the active participation of Spanish companies in the Expo to be held in Dubai next year,” Maroto said.

UAE and Spain economic committee meetings

The ministers agreed to hold more meetings during the coming period, including a trade forum for Emirati and Spanish companies, as well as the fifth joint UAE and Spain economic committee meetings during the first quarter of 2021.

33 initiatives to support different sectors

It is noteworthy that, on August 3, 2020, the Cabinet approved the launch of a flexible package and a general plan of 33 initiatives to support economic sectors and businesses, with the aim of increasing growth rates, creating a stimulating environment for doing business and providing new opportunities through developing emerging sectors, employing technology, and attracting and encouraging investment in sectors, and enhancing the sustainability and resilience of the national economy to serve the future visions of the country.

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