16 Feb 2023
Minister of Economy holds meetings with a number of foreign ministers & international organizations to enhance cooperation
Stronger partnerships to accelerate the UAE’s transition to a new economic model based on innovation, flexibility & sustainability
H.E. Abdullah bin Touq Al Marri, Minister of Economy, held meetings with a number of foreign ministers and international organizations to discuss the strengthening of cooperation to accelerate the UAE’s transition to a new economic model based on innovation, flexibility and sustainability. The meetings took place on the sidelines of the recently concluded World Government Summit 2023 in Dubai.
The Minister of Economy’s meeting with H.E. Ahsan Iqbal, Pakistani Minister of Planning, Development and Special Initiatives, discussed prospects for enhancing economic and trade cooperation in areas of common interest between the two countries. These include agriculture, trade, energy, industry, infrastructure, real estate, technology, communications, insurance and financial services.
During the meeting, H.E. Bin Touq emphasized that the UAE-Pakistan relations are historic and solid, witnessing significant growth in all fields, especially on economic and trade fronts, in line with the vision of both leaderships.
In addition, H.E. pointed out that the UAE is Pakistan's largest Arab and GCC trade partner as of 2021, as the value of non-oil foreign trade between the two countries amounted to AED 25.7 billion (USD 7 billion) in 2022, with a 30 per cent year-over-year growth. The two ministers also explored new mechanisms to enhance growth opportunities for the UAE-Pakistani business community in a way that contributes to boosting FDI exchanges between the two sides.
The UAE's non-oil exports to Pakistan amounted to nearly AED 4.8 billion in 2022 while re-exports totaled to AED 10.6 billion, up 8 per cent from 2021. The UAE’s imports from Pakistan reached approximately AED 10.3 billion in 2022, with a 153 per cent growth compared to that of 2021.
A sustainable intellectual property system
H.E. Bin Touq also met with Darren Tang, Director General of the World Intellectual Property Organization (WIPO), to discuss strengthening of cooperation to develop the UAE’s intellectual property (IP) landscape in a sustainable manner.
The Minister of Economy said: “The UAE, thanks to the vision of its wise leadership, realized the importance of transitioning towards a knowledge-based and creative economy early on. Based on this realization, we have worked to develop an integrated forward-looking system that supports the new economic model based on innovation. These efforts have also consolidated the country’s position as a global hub for talent and creators, in line with the UAE Centennial 2071 goals.”
Both sides also addressed frameworks for enhancing cooperation to develop an integrated national plan for IP, in line with the UAE’s efforts to safeguard the intangible assets of innovators and creators according to international best practices.
The meeting further discussed opportunities to develop a system for the evaluation and financing of intangible assets. Through this, the UAE seeks to integrate intellectual property into the plans of startups operating in various technology sectors, thus promoting investments in modern technology. The meeting explored strengthening of cooperation with WIPO in this regard to create a network of qualified experts to help companies and financiers make appropriate decisions.
Developing the economic system
H.E. Abdullah bin Touq Al Marri, Minister of Economy, also held a bilateral meeting with Farid Belhaj, Vice President of the World Bank for the Middle East and North Africa, to discuss mechanisms for strengthening the economic system in the United Arab Emirates and the region, and its role in achieving comprehensive sustainable development.
H.E. said: "We are keen to strengthen cooperation and partnership with the World Bank in order to support the issuance of global competitiveness reports and indicators that highlight economic developments in the UAE and the wider region. We are also keen to facilitate the exchange of information and knowledge and benefit from the Fund’s expertise and practices in developing economic policies."
Moreover, H.E. Bin Touq highlighted the indicators of the UAE’s economic growth, which exceeded the expectations of international organizations. For instance, the UAE achieved an unprecedented 8.5 per cent GDP growth at constant prices during the first half of 2022. Subsequently, the Central Bank of the UAE raised its expectations for real GDP to reach 7.6 per cent by the end of 2022, and 3.9 per cent in 2023. In addition, the UAE's non-oil foreign trade totaled AED 2.2 trillion for the first time in its history in 2022.
During the meeting, H.E. further discussed economic mechanisms and policies that would drive the country's GDP growth, help anticipate future global trends for trade and investment, and further enhance its economic openness to the world. These factors are set to boost the UAE’s global position as an effective contributor to the achievement of comprehensive sustainable development.