The UAE and EU held talks on Wednesday over a Comprehensive Economic Partnership Agreement, as Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, met the bloc’s trade chief, Maros Sefcovic, in Dubai.
The Cepa would strengthen economic ties and unlock new avenues for co-operation. It will pave the way for the removal of trade barriers, enhance market access for goods and services and stimulate investment in key sectors.
“Our negotiations towards a UAE-EU Comprehensive Economic Partnership Agreement are of great importance to both the UAE and the EU,” said Dr Al Zeyoudi, in comments reported by state news agency Wam.
“By working together, we will strengthen our supply chains, drive innovation and create jobs that will benefit our communities and economies for many years to come.”
The EU is among the UAE’s key trading partners, with non-oil trade last year reaching $67.6 billion – 8.3 per cent of the Emirates’ total.
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
“The launch of EU-UAE trade talks is an important milestone. We will now work together to seal a deal that can benefit our peoples and businesses, bringing us closer together in a spirit of co-operation,” European Commission President Ursula von der Leyen said in a statement.
“Such an agreement would help strengthen ties between the EU and the Gulf region, offering new opportunities for EU businesses while bolstering our partnership in areas that matter to EU citizens like renewable energy and digital technologies.”
Mr Sefcovic said it was “natural to seek to grow our relations with long-standing and trusted partners” such as the UAE. His visit also included talks with private sector representatives, focusing on opportunities for increased collaboration and investment flows between the UAE and the EU, Wam reported.
Asked by The National whether the Cepa with the UAE could become a blueprint for a future EU-GCC free trade agreement, Mr Sefcovic said: “We have kept our partners fully informed.”
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Sector: Startups
Size: 14
Funding: $1.7m from HNIs
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Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
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