UAE & UK agree to integrate development strategies during 5th Joint Economic Committee

The 5th UAE-UK Joint Economic Committee (JEC) was held in London with the participation of a high-level official delegation from the UAE, headed by H.E Eng. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs in the Ministry of Economy, on behalf of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy. Her Excellency Baroness Fairhead, UK Minister of State for Trade and Export Promotion led attendees from the UK side. The Committee was held in the presence of H.E. Sulaiman Al Mazroui, UAE Ambassador to UK.

The latest session of the Committee focused on ensuring the integration between development visions of both countries, through developing broader economic partnerships across priority fields according to objectives of the UAE Vision 2021, and the UK’s Industrial Strategy and Export Strategy. The JEC also discussed opportunities for cooperation in the areas of energy, healthcare, life sciences, information technology, space, infrastructure, education, financial and professional services, as well as fields based on technology, innovation, Fourth Industrial Revolution (4IR) and artificial intelligence (AI). The two countries also agreed to hold the next session of the Committee in the UAE in 2021 during the Expo 2020 Dubai.

H.E. Eng. Sultan bin Saeed Al Mansoori said that the UAE-UK relations are rooted in the history of both countries and are based on strong ties of cooperation and respect for mutual interests. H.E. Al Shehhi said during his speech on behalf of the UAE Minister of Economy that the topics covered by the 5th JEC mark the beginning of a new chapter in the economic cooperation between the two friendly countries. He further added that the UK is one of the most sustainable and reliable trade partners of the UAE, and the continuous growth rates achieved through this partnership reflect the shared aspirations to promote and develop aspects of bilateral cooperation, especially in economic, trade and investment sectors. He added that in light of the trade and joint investment figures, the UAE is the largest market for UK exports market in the region, and the fourth largest outside the European Union (EU).