Tuesday, July 23, 2024

Negotiations between the UAE and Vietnam to reach an economic partnership agreement by the end of 2023


The UAE and Vietnam are making progress in negotiations to reach a comprehensive strategic economic partnership agreement for both countries and their allies, Nguyen Manh Tuan, Vietnam’s ambassador to the country, confirmed.

The Vietnamese ambassador stressed that reaching a comprehensive strategic economic partnership agreement with the United Arab Emirates this year will strengthen the bilateral ties established through the ongoing negotiations between the two countries, coinciding with the 30th anniversary of the establishment of diplomatic relations between the two friendly countries. .

While mentioning the depth of friendly and cooperative relations between the two countries, he emphasized that they have seen great development in the political, diplomatic, trade and investment levels in recent years.

Regarding investment in the clean and renewable energy sector, the two allies have pledged to eliminate carbon emissions by 2050, opening wide avenues to enhance cooperation between them in solar, wind and renewable energy projects. Hydrogen. He expressed hope that the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be held from November 30 to December 12 this year at Dubai Expo City, will be of international importance. He noted that a high-level Vietnamese delegation will participate in this important international event as a platform for discussion and dialogue to achieve solutions to the phenomenon of change, climate change, which is for the benefit of all mankind.

Regarding Vietnamese companies operating in the country, the ambassador noted that most of these companies work in logistics services, vegetables, fruits, food and non-food sectors. The opening of offices in Abu Dhabi and Dubai, which coordinates the process of increasing cooperation between the two friendly countries, and contributes to the interest of signing a comprehensive economic partnership agreement between the United Arab Emirates and Vietnam.

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Foreign Minister Dr. Thani bin Ahmad Al Zeodi had earlier announced that the UAE is Vietnam’s number one Arab trading partner, representing 39% of its total trade with Arab countries. The volume of non-oil trade between the two sides is expected to reach 29.4 billion dirhams (about 8 billion dollars) in 2022. Trade in goods other than mobile phones and their accessories grew by 46%, down from 36% in 2019. Last year totaled 13.5 billion dirhams (equal to… more than $3.5 billion), a 9% increase over 2021 and 34 and 26% growth over 2020 and 2019 respectively.

Bill Dittman
Bill Dittman
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