Dr. Al Zeyoudi highlighted the UAE's commitment to expanding its network of global trade partners through initiatives like the Comprehensive Economic Partnership Agreements (CEPA). He noted that these agreements play a crucial role in enhancing the UAE's non-oil trade sector, which saw a record high of $701 billion in 2023, reflecting a 12.6% increase from the previous year.
Minister Nishimura expressed Japan's keen interest in deepening economic ties with the UAE, emphasizing the mutual benefits of such collaborations. He pointed out that Japan values the UAE as a strategic partner in the Middle East, particularly in sectors like technology, renewable energy, and infrastructure development.
During the discussions, both ministers acknowledged the significant potential for joint ventures and investments, especially in emerging sectors. They also discussed the importance of technological innovation and sustainable practices in driving future economic growth. This aligns with the UAE's strategic vision of fostering a knowledge-based economy and Japan's expertise in cutting-edge technology and sustainable development.
The meeting concluded with a shared commitment to enhance bilateral trade and investment opportunities. Dr. Al Zeyoudi and Minister Nishimura agreed to facilitate more business delegations and trade missions between the two countries, aiming to create a robust platform for private sector collaboration.
This high-level engagement is part of a broader UAE strategy to forge stronger economic partnerships worldwide, as evidenced by its recent CEPAs with other nations. These agreements are designed to reduce trade barriers, enhance market access, and create new opportunities for businesses in the UAE and its partner countries.
The UAE's proactive approach to international trade and investment is further reflected in its recent agreements with countries like Chile and Morocco, aimed at boosting non-oil trade and fostering long-term economic sustainability. By establishing these partnerships, the UAE seeks to position itself as a global trade hub, attracting diverse investments and driving economic diversification.
Overall, the meeting between Dr. Al Zeyoudi and Minister Nishimura marks a significant step towards deepening UAE-Japan economic relations, with a focus on innovation, sustainability, and mutual prosperity.