Latest news with #UAE-EUComprehensiveEconomicPartnershipAgreement
Gulf Today
5 days ago
- Business
- Gulf Today
Non-oil trade between UAE and EU reached $67.6 billion in 2024
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the United Arab Emirates for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU. The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE. The EU is already one of the UAE's key trading partners, accounting for 8.3 per cent of non-oil trade. In 2024, non-oil trade between the two reached $67.6 billion, representing a growth of 3.6 per cent over 2023. The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub. Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. 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.' Al Zeyoudi: 'Our negotiations toward a UAE-EU CEPA is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity.' Maroš Šefčovič commented: 'Europe continues to be a reliable trading partner, which respects the deals it makes. And it is natural to seek to grow our relations with long-standing and trusted partners like the United Arab Emirates. A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is therefore to reach an ambitious deal that is commercially meaningful on both sides – one that brings tangible, lasting benefits, along with predictability, so essential to any successful business. This would add strength to our regional cooperation with the Gulf Cooperation Council countries.' During the investment roundtable, representatives from the UAE and the European private sectors, engaged in discussions to identify mutual investment opportunities that can drive innovation and sustainable economic development. FDI flows between the UAE and EU are strong and robust, with recent partnerships in data centers in Italy, solar plants in Spain, and neighbourhood redevelopment in Budapest. A UAE-EU CEPA has the potential to unlock further opportunities, including a $50 billion AI data centre deal with France and a $40 billion commitment in Italy's energy and defense sectors. The CEPA programme is a key pillar of the UAE's foreign trade agenda, reflecting the nation's commitment to open, rules-based trade to drive economic growth and diversify its economy. By enhancing access to global markets and establishing stronger trade and investment flows with partners around the world, the CEPA programme has contributed to a record non-oil trade of $816 billion in 2024, marking a 14.6 per cent increase over 2023. Meanwhile Dubai Chambers explored prospects for enhancing trade and investment cooperation between Dubai and European Union countries on Wednesday during a roundtable with a high-level delegation led by Maroš Šefčovič, European Commissioner for Trade and Economic Security. The roundtable was attended by Sultan Bin Saeed Al Mansoori, Chairman of Dubai Chambers; Dr. Thani Bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade; Lucie Berger, Ambassador of the European Union to the United Arab Emirates; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Leon Delvaux, Director at the Directorate-General for Trade and Economic Security, together with representatives from Dubai and the European private sectors. Dr. Thani Al Zeyoudi commented, 'The European Union is one of the main pillars of the global economy and our second-most important trade partner. As we accelerate efforts to bring our markets closer together, it is important we build the platforms for our private sectors to identify and explore areas for collaboration, particularly in sectors that align with our economic diversification objectives. The EU-UAE Investment Roundtable is an important opportunity for business leaders from across all industries to build the relationships that can drive trade and investment to even greater heights.' Sultan Bin Saeed Al Mansoori stated, 'Dubai and the European Union share deep-rooted economic ties built on common interests, mutual aspirations, and a joint commitment to developing a diversified and sustainable economy. Today's roundtable is designed to advance collaboration in high-potential sectors and identify new avenues for growth. We are committed to supporting European companies and enabling them to expand and thrive while leveraging Dubai as a strategic hub to access new opportunities across local and regional markets.' WAM
Al Etihad
6 days ago
- Business
- Al Etihad
UAE, EU continue talks on Comprehensive Economic Partnership Agreement
28 May 2025 18:30 DUBAI (WAM) Dr. Thani bin Ahmed Al-Zeyoudi, UAE Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the UAE for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the visit also included an investment roundtable with representatives from leading private sector companies, aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics EU is already one of the UAE's key trading partners, accounting for 8.3% of non-oil trade. In 2024, non-oil trade between the two reached $67.6 billion, representing a growth of 3.6% over Zeyoudi emphasised the importance of the CEPA with the EU, stating, "Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. 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."Maroš Šefčovič commented, "Europe continues to be a reliable trading partner, which respects the deals it makes. And it is natural to seek to grow our relations with long-standing and trusted partners like the United Arab Emirates. A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. "Our aim is therefore to reach an ambitious deal that is commercially meaningful on both sides – one that brings tangible, lasting benefits, along with predictability, so essential to any successful business. This would add strength to our regional cooperation with the Gulf Cooperation Council countries."During the investment roundtable, representatives from the UAE and the European private sectors engaged in discussions to identify mutual investment opportunities that can drive innovation and sustainable economic flows between the UAE and EU are strong and robust, with recent partnerships in data centres in Italy, solar plants in Spain, and neighbourhood redevelopment in Budapest.A UAE-EU CEPA has the potential to unlock further opportunities, including a $50 billion AI data centre deal with France and a $40 billion commitment in Italy's energy and defense CEPA programme is a key pillar of the UAE's foreign trade agenda, reflecting the nation's commitment to open, rules-based trade to drive economic growth and diversify its economy. By enhancing access to global markets and establishing stronger trade and investment flows with partners around the world, the CEPA programme has contributed to a record non-oil trade of $816 billion in 2024, marking a 14.6% increase over 2023.
Al Etihad
10-04-2025
- Business
- Al Etihad
UAE President, President of European Commission agree to launch negotiations towards Comprehensive Economic Partnership Agreement
10 Apr 2025 20:13 ABU DHABI (WAM)President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Her Excellency Ursula von der Leyen, President of the European Commission, agreed during a phone call on Thursday to launch negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and European the call, His Highness reaffirmed the depth of relations between the UAE and EU while highlighting their joint commitment to strengthening these ties to serve mutual interests, particularly in the economic Highness noted that the decision to initiate negotiations on a CEPA with the EU reflects a shared determination to unlock the full potential of cooperation and advance their economic, trade, and investment ties in support of development Highness added that once concluded, the CEPA would create new avenues for cooperation between the UAE and EU, increase trade and investment flows, and strengthen partnerships between the business communities of both sides. His Highness emphasised that UAE-EU relations are founded on a common vision of stability, growth, and her part, Her Excellency Ursula von der Leyen underscored the strength of ties between the UAE and EU, noting that the launch of CEPA negotiations marks a step towards a more dynamic and robust phase in their economic announcement follows the signing of a Joint Statement of Intent by His Excellency Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Valdis Dombrovskis, EU Commissioner for Trade, to commence negotiations on the UAE-EU Comprehensive Economic Partnership Agreement. The EU is the UAE's second-largest trading partner, accounting for 8.3% of the UAE's total non-oil trade. In 2024, non-oil trade between the UAE and EU reached $67.6 billion, representing a 3.6% growth compared to the previous year. The UAE is also the EU's largest export destination and investment partner in the Middle East and North Africa. By reducing tariffs and unnecessary trade barriers and improving market access for goods and services, the CEPA is expected to foster opportunities in key sectors such as advanced manufacturing, healthcare, logistics, and artificial intelligence, among others.
