UAE Minister of Economy discusses bilateral trade with Italy and China

The fourth meeting of the UAE-Italy Joint Economic Committee, held under the guidance of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has been productive and highly encouraging, according to His Excellency Sultan Al Mansoori, UAE Minister of Economy.

The Minister, while receiving His Excellency Giorgio Starace, Italian Ambassador to the UAE, noted that the concluding statement of the Joint Economic Committee meeting was signed in the presence of His Highness Sheikh Mohammed.

Al Mansoori and the Italian Ambassador discussed ways to strengthen economic cooperation between the UAE and Italy and follow up on the outcomes of the fourth session of the Joint Economic Committee, which culminated in a number of agreements and decisions to foster economic exchanges between the two countries. A follow-up mechanism is currently being worked out by officials from both sides.

The Italian Ambassador praised the keenness of the UAE leadership to promote free trade and closer economic relations with the European countries, specifically Italy. He also conveyed his country’s interest in taking bilateral relations with the UAE to the next level and jointly addressing global economic changes to enhance economic performance in both countries.

Meanwhile, Al Mansoori in a separate meeting discussed economic relations between the UAE and China with His Excellency Gao Yusheng, Chinese Ambassador to the UAE.

Al Mansoori praised the vibrant trade relations the UAE and China, which witnessed remarkable progress in 2010. Non-oil trade between the UAE and China reached 46 billion dirhams in 2010 compared to 43 billion dirhams in 2009, a growth rate of up to about nine per cent. The UAE is the second largest trading partner of China in the GCC, considered the largest export market for China.

The Minister said UAE-China economic exchanges have grown significantly, especially after the agreements and memoranda of understanding signed by the two countries in recent years. He stressed that both countries need to maintain strategic relations to protect common interests and optimise trade given that the UAE is China’s leading trade partner in the region and also one of the most attractive destination for the Chinese community.