UAE, UK seek to widen scope of trade cooperation

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UAE, UK seek to widen scope of trade cooperation
Sultan bin Saeed Al Mansouri with London Mayor Lord Mountevans.

Dubai - UAE Minister of Economy discusses ways to boost UK relations with London Mayor Lord Mountevans.

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Published: Wed 27 Jan 2016, 7:14 PM

Last updated: Thu 28 Jan 2016, 7:53 AM

Sultan bin Saeed Al Mansouri, UAE Minister of Economy, and Lord Mountevans, the Lord Mayor of the City of London, discussed the excellent relations binding the UAE and Britain and ways of boosting them to better serve bilateral interests.
The meeting, held at the offices of the Ministry in Dubai, was attended by Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs at the Ministry of Economy, and Philip Parham, Ambassador of the United Kingdom.
The parties discussed the latest developments and changes in the level of economic and trade cooperation between the two countries in a number of sectors of common interest.
The two sides welcomed the strengthening of cooperation in new areas with the aim of widening horizons of joint investment. They emphasised the importance of speeding up negotiations on the signing of an MoU to support innovation between the two countries.
The two sides exchanged views on current economic issues in the international arena, most notably oil prices and the challenges faced by some of the major economic areas, including the euro area.
The minister said the UAE's economic diversification policy helped reduce the impact of falling oil prices on the country's economy. The country is planning to revitalise non-oil economic sectors, which currently account for 70 per cent of the state's GDP compared to only 30 per cent contributed by the oil industry.
The meeting also touched on the value-added tax under consideration now by the Gulf Cooperation Council, which is a logical step, according to Lord Mountevans. He said the British side is ready to provide technical cooperation in support, training and consulting in the field of tax regulations.
Lord Mountevans commended the outstanding UAE-UK bilateral relations, noting that both countries are leading financial centres in the area. He is seeking to be briefed on the opportunities for cooperation to strengthen bilateral economic ties during his tour to GCC countries.
He said economic relations between the two countries have witnessed remarkable growth over the past years which was reflected in the trade volume, which touched £12 billion in 2014. UAE investments in Britain are also witnessing a steady increase. - Wam


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