UAE + Vietnam to boost trade ties: The UAE’s Foreign Trade Minister Thani bin Ahmed Al Zeyoudi met with Vietnamese Industry and Trade Minister Nguyen Hong Dien at the fifth UAE-Vietnam Joint Committee in Hanoi to discuss strengthening trade and transport cooperation, Wam reports.

REMEMBER- The UAE is set to finalize a CEPA with Vietnam this year. It signed in April a joint declaration of intent to begin talks on the agreement before launching negotiations in June.

The UAE is in the process of finalizing six comprehensive economic partnership agreements (CEPAs) with South Korea, Thailand, Chile, Costa Rica, Colombia, and Ukraine, with plans to sign them by year-end, Wam reports.

The CEPA between the UAE and Georgia was inked earlier this week is expected to nearly triple non-oil bilateral trade between the two countries to USD 1.5 bn from USD 481 mn in five years, Wam reports. In 1H 2023, bilateral trade grew 28% y-o-y to USD 225 mn. The agreement, which will come into effect by 1Q 2024, is expected to add USD 4 bn to the Gulf country’s GDP by 2031, The National reports.

ALSO WORTH KNOWING-

  • The Romanian Business Council has launched in the UAE. The council aims to increase bilateral trade to USD 100 bn, boost cooperation between the two countries’ business communities and bolster investment, according to President of the Romanian Council Marius Marinoff. (Wam)
Tags: