During his participation at WTO’s 13th Ministerial Conference in Abu Dhabi

Bin Touq meets ministers from Bahrain, Morocco, Iran, France and Ireland to strengthen economic relations and enhance cooperation in new economic sectors

• Bin Touq reviews the UAE's efforts to promote economic openness, build economic partnerships and shift towards a new economic model.
• UAE and Bahrain discuss supporting SMEs in their markets and promoting communication between the business communities of the two countries.
• Bin Touq engages in discussions with the Moroccan Minister on developing new mechanisms to support bilateral cooperation in sectors based on innovation and knowledge. Strengthening joint action to implement the objectives of the Joint Economic Commission between the two countries.
• Discussion on strengthening cooperation with the French side in the areas of entrepreneurship, technology, circular economy, tourism, and renewable energy to contribute to increasing economic cooperation between the UAE and France.
• The Iranian Minister of Commerce invites His Excellency Abdulla Bin Touq Al Marri to attend the Expo Iran 2024. The two sides are exploring the possibility of establishing a joint economic commission during the next phase.
• UAE and Ireland discuss ways to develop and diversify economic relations between the two countries in new economic sectors.
• Bin Touq highlights the latest economic developments in the UAE business environment, including amending the Commercial Companies Law to allow 100% foreign ownership.

 His Excellency Abdulla Bin Touq Al Marri, Minister of Economy, met with ministers from five countries - including Bahrain, Morocco, Iran, France, and Ireland - to discuss strategies aimed at strengthening economic relations and fostering cooperation in new economic sectors. These ministers include His Excellency Abdullah bin Adel Fakhro, Minister of Industry and Trade of the Kingdom of Bahrain, His Excellency Riad Mazur, Minister of Industry and Trade of the Kingdom of Morocco, His Excellency Abbas AliAbadi, Minister of Industry, Mine and Trade of the Islamic Republic of Iran, HE Franck Riester Minister for Foreign Trade and Economic Attractiveness, and His Excellency Simon Coveney, Minister for Enterprise, Trade and Employment of Ireland.

The meetings were held during His Excellency Bin Touq’s participation at the 13th Ministerial Conference of the World Trade Organization (WTO), held in Abu Dhabi from February 26 to 29, 2024. The conference brought together trade ministers and senior officials from around the world to deliberate on the regulations guiding international trade and to explore avenues for its future evolution.

During separate meetings with the five ministers, His Excellency reviewed the efforts of the UAE in line with the directives of its wise leadership to advance economic integration globally and foster strategic alliances with key markets.  Emphasizing the transition to a dynamic, innovative economic framework, he highlighted the introduction of national initiatives aimed at supporting sustainable growth and enhancing the country’s competitiveness on the regional and global stage, thereby consolidating UAE’s position as a leading economic destination.

Discussion of Support for Emerging Enterprises in UAE and Bahrain Markets:

Bin Touq held a bilateral meeting with His Excellency Abdullah bin Adel Fakhro, Minister of Industry and Trade of the Kingdom of Bahrain. The focus was on enhancing collaboration between the two countries across various sectors, including the new economy, small and medium enterprises, entrepreneurship, tourism and circular economy.

During the meeting, Bin Touq asserted that the United Arab Emirates and the Kingdom of Bahrain share deep relations and close historical ties. The economic relations between the two countries are experiencing significant growth and advancement, with the support and guidance of the wise leadership of both countries. This advancement has fostered continuous economic growth and enhanced the well-being of the people of UAE and Bahrain.

HE Bin Touq said: “The meeting represents an important step to discuss opportunities for cooperation between the two countries in sectors and areas of mutual interest. It aims to bolster support for emerging projects in the UAE and Bahrain markets while enhancing better communication between the business communities in the two countries, especially given the sustained expansion of UAE investments in Bahraini markets.” His Excellency noted that tourism is one of the main sectors driving economic cooperation between the two countries. Both countries are characterized by unique tourist attractions that vary between heritage, natural and archaeological treasures, alongwith promising investment opportunities in various tourism activities and sectors.

Exploring new mechanisms with the Moroccan side to promote economic cooperation:

With His Excellency Riad Mazur, Minister of Industry and trade of the Kingdom of Morocco, Bin Touq discussed new mechanisms and plans to increase economic cooperation in the sectors of the new economy, activities and areas based on innovation and knowledge. The focus was on nurturing greater economic prospects for both the UAE and Moroccan business sectors, aligning with the common interests and aspirations of the two countries.

The UAE and Morocco discussed strengthening joint action to achieve the objectives of both countries’ Joint Economic Committee held in April 2023, marking a significant stride in enhancing their unique economic alliance. The two sides also discussed fortifying export and import processes for businesses operating within markets of both the countries, alongside supporting additional avenues for SMEs to penetrate and expand within these markets. These initiatives aim to amplify investments, bolster exports, and tap into new market opportunities for SMEs.

Support UAE-France cooperation in the technology, circular economy, and tourism sectors:

Bin Touq held a bilateral meeting with H.E. Frank Riester, Minister of Foreign Trade of France, to discuss strengthening cooperation in the areas of the new economy, entrepreneurship, technology, circular economy, tourism, industry, traditional energy and renewable energy during the next phase, thereby supporting the future of economic cooperation of the two friendly countries.

H.E. Bin Touq emphasized the ongoing evolution of economic relations between the UAE and France across various sectors, with a focus on economic collaboration. This comes in line with the dedication of the wise leadership of both the countries to strengthen these relations and nurture their continued expansion.

Strengthening economic and investment cooperation between the UAE and Iran:

Bin Touq held another meeting with H.E. Abbas Aliabadi, Minister of Industry, Mine and Trade of the Islamic Republic of Iran, to discuss new mechanisms to support economic and investment cooperation between the two countries in areas of mutual interest during the next phase.

To this end, the UAE and Iranian sides discussed the possibility of establishing a joint economic committee between the two countries during the coming period. This aims to promote economic ties between the two countries and open new prospects for the UAE and Iranian business communities. The initiative seeks to capitalize on promising economic and investment opportunities in the markets of the two countries, while also leveraging the UAE’s status as a prominent global economic hub. The UAE’s extensive trade partnerships and agreements with numerous strategic markets regionally and internationally further enhance its advantages in facilitating export and import activities, thus facilitating smoother transactions for exporters and importers alike.

H.E. Abbas Aliabadi invited H.E. Abdulla bin Touq Al Marri to participate in the 6th International Iran Expo 2024 to be held in the Iranian capital Tehran from April 27 to May 1, 2024. This exhibition is Iran's largest non-oil export event and represents an important opportunity to explore Iranian industries.

Exploring ways to develop and diversify UAE-Ireland economic relations:

During a bilateral meeting with H.E. Simon Coveney, Irish Minister of Enterprise, Trade and Employment, H.E. Bin Touq discussed ways to develop and diversify economic relations between the two countries in the new economic sectors. The meeting also focused on strengthening ties between the UAE and Irish business communities in the new economic sectors that serve the development goals of the two countries.

H.E. Bin Touq highlighted the latest economic developments in the UAE business environment. These developments include amending the Commercial Companies Law to allow 100% foreign ownership, modernizing visa and residency systems, and introducing self-employment and green residency pathways to enhance the country’s attractiveness for talents, competencies, employers, and entrepreneurial projects. They also entail promoting sustainable growth policies for the UAE economy by launching initiatives supportive of the transition towards a circular economy, most notably ‘UAE Circular Economy Policy/Agenda 2031’, which plays a vital role in supporting the sustainability of the country’s development journey for the next decade.

13^th Ministerial Conference of the World Trade Organization

Participants at the World Trade Organization (WTO) 13^th Ministerial Conference seek to utilize the outcomes achieved during the 12^th Ministerial Conference held in Geneva in June 2022, which saw significant achievements in supporting fisheries, food security and eCommerce. The Ministerial Conference focuses on improving the capacity of developing and least developed countries to access the global trading system, intellectual property, and the WTO’s conflict resolution mechanism. It also provides an opportunity to explore additional avenues for collaborating and partnering with non-governmental organizations, the private sector and civil society to enhance the effectiveness of trade policies and programs through a series of side events.