EU and UAE sit down for trade agreement

The European Union (EU) and the United Arab Emirates (UAE) have begun formal negotiations for a free trade agreement. The initiative marks the first comprehensive trade agreement the EU will conclude in the Gulf region.

The European Commission announced the start of the negotiations, recalling that European Commission President Ursula von der Leyen and UAE President Mohamed bin Zayed Al Nahyan reached an agreement on this matter on April 10.

Today in Dubai, European Commission Executive Vice-President Maros Sefcovic and UAE Minister of State for Foreign Trade Thani Ahmed Al Zeyoudi met to determine the roadmap for the negotiations.

The first phase of the negotiations will focus on issues such as reducing product tariffs, services, digital trade, and the facilitation of investments. Additionally, ways to increase trade in strategic sectors such as renewable energy, green hydrogen, and critical raw materials will be explored.

There is potential for cooperation between the EU and the UAE in areas such as renewable energy, digital technologies, artificial intelligence, financial technology, space technologies, advanced machinery, healthcare services, logistics, infrastructure development, and sustainable food systems. The two sides conduct 55 billion euros in annual trade in goods and 39 billion euros in services. While the UAE's exports to the EU cover oil, gas, and base metals, the EU's exports to the UAE are led by automobiles, machinery, chemical products, food, and green technologies.

News Source: 12punto