The 7th Session of the UAE-German Joint Commission on Economic, Trade, and Technical Cooperation held from June 09 to June 10, 2008, in Berlin, Germany, was concluded yesterday (Tuesday, June 10, 2008). The UAE delegation was led by H.E. Eng. Sultan Bin Saeed Al Mansouri, Minister of Economy, while H.E. Dr. Bernd Pfaffenbach, State Secretary of Germany’s Federal Ministry of Economics and Technology, headed the German side,
The two officials signed the meeting agenda of the latest Session of the Joint Commission at the conclusion of lengthy discussions that lasted for two days and addressed various issues and topics related to strengthening bilateral cooperation in several fields.
The two sides emphasized the positive results produced by the Session, pointing out that the discussions were very fruitful and led to a comprehensive agenda for improving bilateral relations between the two countries. They also agreed on a number of key initiatives such as increasing investment; developing bilateral commercial information exchange; strengthening enforcement of intellectual property rights; and amending the bilateral agreement on preventing double taxation. In addition, the participants called for more support for programs promoting renewable energy and energy efficiency and encouraged the mutual sharing of experiences in various fields among public and private sectors.
The parties also agreed to prepare memorandums of understanding on health; to cooperate in the fields of irrigation, organic and fish farming and other basic agricultural techniques; and to expedite the transfer of technology and expertise in areas such as water management and sanitation. They were pleased that both nations swiftly and efficiently formed a strong partnership and pointed to a 7 per cent increase over 2006 in trade volume to EUR 5.2 billion in 2007.
During the Session, the UAE delegation presented a report on the country’s annual growth target and discussed the improvement of German investments coming to the country. They also requested for technical assistance in the areas of inspection and industrial standards as well as advice on telecommunications regulations, specifically in the field of satellite broadcasting.
The German side praised the UAE’s support for the International Renewable Energy Agency and expressed their gratitude for the UAE’s accession to issue certificates of origin on paper, instead of electronically. They also discussed export challenges posed by a high euro exchange rate and encouraged the UAE to sign the Convention on Maritime Transport. The two sides agreed to hold the eighth meeting of the joint committee in the UAE in 2010.
After the signing of the meeting agenda, H.E. Sultan Bin Saeed Al Mansouri praised the huge growth in non-oil trade volume between the two countries, emphasizing the UAE's commitment to maintaining strong relations with the Federal Republic of Germany. H.E. Al Mansouri encouraged both countries to explore further avenues of cooperation for their mutual benefit, referring to the large number of bilateral cooperation agreements that have been signed between the two countries in recent years, covering areas such as the promotion and protection of business and investment; the prevention of double taxation; and a memorandum of understanding in the fields of economy, trade and technical cooperation.
H.E. Al Mansouri said that the annual average growth rate in non-oil bilateral trade between the UAE and Germany rose 24 per cent to USD 6.19 billion in 2006 over USD 2.63 billion in 2002, with UAE exports concentrated on primary commodities such as basic metals; fabrics; stone materials; ceramic and glass products; and animals, pointing out that most of the trade favoured Germany. He also talked about the rising UAE trade deficit with Germany, which rose from USD 2.4 billion in 2002 to USD 5.7 billion in 2006.
The Minister explained that three levels of action are required to reduce this deficit: increase the supply of exported manufactured UAE goods in German trade fairs;, boost service exports, particularly to encourage German citizens to explore the UAE’s relatively cheap tourism sector and capitalize on the strength of the euro against the dollar; and increase German investments in the UAE.
H.E. Al Mansouri acknowledged the need for the UAE to be supported by German expertise in the technical and industrial fields, and emphasized the need for joint cooperation to develop trade and investment links to mutually benefit both countries; he likewise called for a better understanding of investment opportunities in Germany. The Minister hoped that positive measures would be undertaken to achieve these goals through the work of the Joint Commission.
The Minister finally emphasized the favourable economic situation of the UAE, referring to government plans to modernize laws and legislation that focus on strengthening economic performance and improving growth in various sectors.
H.E. Dr. Pfaffenbach, in turn, confirmed the importance of establishing an Emirati-German Chamber of Industry and Commerce, preferably by next year, pointing out its important role in supporting small to medium sized enterprises. H.E. Dr. Pfaffenbach expressed Germany’s great interest in the creation of a Free Trade Agreement between the EU and the Gulf, saying that it would strengthen economic ties and lead to the establishment of important strategic relationship between both sides.
The UAE delegation to this meeting included H.E. Mohammed Ahmed Bin Abdulaziz Alshihhi, Undersecretary of the Ministry of Economy; H.E. Mohammed Ahmed Al-Mahmoud, The UAE's accredited Ambassador to the Federal Republic of Germany; H.E. Khaled Ghanem Al Gaith, Assistant Undersecretary of the Ministry of Economy for Economic Affairs and International Cooperation; officials and experts from the Ministries of Economy and Foreign Affairs, Education and Works, Energy and Environment; the Water Service and the Abu Dhabi Planning and Economy; the Central Bank; the Dubai Export Development and Telecommunications Regulatory Authority; ADNOC; and the Higher Corporation for Specialized Economic Zones.
