UAE, EU To Launch Talks On Economic Partnership

(MENAFN- Kuwait News Agency (KUNA)) ABU DHABI, April 10 (KUNA) -- UAE President Sheikh Mohammad bin Zayed Al Nahyan and President of the European Commission Ursula von der Leyen agreed to launch negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and European Union.
During a phone conversation Thursday, Sheikh Mohammad highlighted the joint commitment of both sides to strengthening the relationship which serves the mutual interests, according to UAE news agency (WAM).
He 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 aims.
He 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.
He emphasized that UAE-EU relations are founded on a common vision of stability, growth, and prosperity.
For her part, Ursula von der Leyen underscored the depth of the EU-UAE relationship, noting that the launch of CEPA negotiations marks a step towards a more dynamic and robust phase in their economic cooperation.
The announcement follows the signing of a joint declaration of intent by Dr. Thani bin Ahmad Al Zeyoudi, UAE Minister of State for Foreign Trade, and Valdis Dombrovskis, EU Commissioner for Trade, to commence negotiations on the CEPA.
The EU is the UAE's second-largest trading partner, accounting for 8.3 percent of the UAE's total non-oil trade.
In 2024, non-oil trade between the UAE and EU reached USD 67.6 billion, representing 3.6 percent 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. (end)
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