UAE And Eu Look To Boost Links After $56bn Trade Last Year

The Minister of State for Foreign Trade of the UAE, Dr. Thani bin Ahmed Al Zeyoudi led a group of delegates including business leaders and senior officials from the nation to attend a technical workshop held in Brussels, Belgium. The goal of attending the meeting was to develop business connections and to promote investment opportunities with Belgium and the larger European Union (EU).

Dr. Al Zeyoudi also met the European Commissioner for Trade, Vladis Dombrovskis during the visit

He discussed expanding their trade connections with the European Union and exchanged updates on the preparations for the 13^th Ministerial Conference (MC13) of the World Trade Organization, which is going to take place in Abu Dhabi in the coming year. 

He also met with other personalities like Pierre Yves Dermagne, who is the Deputy Prime Minister and Minister of Economy and Employment of Belgium, and the Minister of Foreign Affairs, Hadja Lahbib. During the meeting, they spoke about the need for opportunities for further economic collaboration in the major industries. 

Al Zeyoudi emphasized that this visit will remain a significant mark in the continuation of the long-standing trade connections with the European Union. Being the chief trading partner of the United Arab Emirates, the European Union has supported the UAE to achieve rapid growth in recent years.

The UAE has been working actively to encourage collaboration in high-potential sectors like e-commerce, innovation, and digital trade. They believe that this will help them to expand the nation’s economic connection with the European Union.

He added that the conversations have strengthened UAE’s conviction that by working together it will be possible to create a prosperous future for both the citizens and businesses in the UAE as well as in the EU. The nation looks forward to continuing its engagement with the European Union in the coming future.

In the year 2022, the non-oil bilateral trade between the UAE and EU has reached a value of US $56 billion, a 9.3 percent increase from the same in the year 2021. The non-oil trade value increased over the same period in 2020 and 2019 by 28.6 percent and 14.7 percent respectively.

Moreover, UAE accounts for almost 21 percent of Belgium’s trade with Arab countries in the year 2022. This makes the United Arab Emirates, the leading partner of Belgium in its trade with the Middle East.

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The delegate team from the UAE also participated in a technical workshop in Brussels that examined the possibility of a Carbon Border Adjustment Mechanism (CBAM), a proposed project of the European Union. The workshop also presented vital information on compliance, data requirements, and the implementation schedule of the CBAM.

The UAE Ambassador to the Kingdom of Belgium, Mohammed Al Sahlawi, and Juma Mohammed Al Kait, who is the Assistant Under-Secretary at the Ministry of Economy for Foreign Trade Affairs of the UAE also joined Dr. Al Zeyoudi during the visit. 

The UAE’s team of delegates including the Director of Petroleum and Gas Affairs Department at the Ministry of Energy and Infrastructure, Amal Al Ali; Saif Ghubash, who is the Assistant Under-Secretary for Petroleum, Gas & Mineral Resources Sector at the Ministry of Energy and Infrastructure; the Economic Research Assistant at the Ministry of Economy, Abdulla Alduhoori; the CEO of the Conares, Bharat Bhatia; the  Senior Manager of International and Government Affairs at Emirate Airline, Claus Basse; the Manager of Cargo Operation Engineering at Emirates Airline, Dr. Majeed Bishara and many others attended the workshop.