ABU DHABI, June 9, 2022 (WAM)-A senior official of the UAE-UK Business Council has said the UK government may consider signing other agreements with the UAE such as CEPA, a comprehensive economic partnership agreement, in addition to a free trade agreement with the Gulf Cooperation Council.
“Nothing can stop the UK and UAE from discussing further agreements with the two sides,” the executive director of the joint secretariat of the United Arab Emirates – UK Business Council, Bradley Jones, told the Agency. Emirates (WAM) press officer, in a virtual interview from London.
“CEPA is a bit broader in scope than a free trade agreement; it covers more issues,” he added.
For example, the United Arab Emirates has signed a CEPA with India, the United Kingdom could be a real beneficiary. “If a UK manufacturer makes a product that is 60% in the UK and 40% in the Jebel Ali Free Zone (Jafza) or any other free zone in the UAE and exports it to India, they will benefit from all the benefits of CEPA “.
“I think the UK could consider negotiating other deals in the UAE,” he continued.
Trade and investment relations between the United Arab Emirates and the United Kingdom Trade and investment relations between the United Arab Emirates and the United Kingdom have continued to grow in recent years, growing from 12 billion pounds sterling (AED60 billion) in 2014 to £ 18.4 billion (AED92 billion) by 2020. Brad believes that “this year trade will increase significantly again and we will return to pre-COVID levels of approximately £ 18 billion.
“We expect up to £ 25bn in a few years,” he added.
The UAE-UK Business Council is a thought leadership forum, chaired by Lord Udny-Lister of the United Kingdom and the Minister of State of the United Arab Emirates, Ahmed Ali Al Sayegh.
“We bring together business leaders, academia and entrepreneurs to solve real problems, identify barriers to doing business between the UK and UAE, regulatory barriers for example, and identify new and emerging that opportunity we have not yet taken advantage of, ”he said, adding that the council adds value to everything that happens at the government level.
Bradley Jones described the UAE-UK Sovereign Investment Partnership (UAE-UK SIP) as “a very unique initiative”.
The UAE provided £ 10 billion through the UAE-UK SIP, administered by OfI and Mubadala, following an agreement between the UK Office for Investment (OfI) and Mubadala’s Investment Company from Abu Dhabi in September.
“They invest in innovative projects with high growth potential,” he said. They can also undertake knowledge transfer in the UAE.
Partnership in energy transfer and other sectors Brad pointed out that the Council is working in partnership with energy transfer and sectors where there are opportunities such as artificial intelligence (AI), financial technology (FinTech), advanced manufacturing, education, life sciences and agricultural technology (Agritech).
“The Council is organizing a summit next Monday in Aberdeen, Scotland, which aims to identify opportunities for cooperation in the energy transfer sector between the two countries,” he added.
He also spoke about the council’s activities on decarbonizing energy, infrastructure and environment, ahead of COP28 in Abu Dhabi.
The UAE and UK can partner to work together on global issues The UAE and UK can work together on global issues, such as climate change, global healthcare and education issues, according to Brad.
“For example, during the COVID-19 crisis, there was a lot of collaboration between the UAE and the UK to get vaccines to other countries, distributing them fairly,” he said.
He explained that the Council’s role is to educate British businesses on the strength of the UAE as a transshipment hub, “if you are a British business and your main market is South East Asia or‘ Africa, you need to understand how to do that. of the UAE. help you overcome the disruptions caused by the COVID-19 pandemic. ”
The UAE’s “Project of 50” program There are many opportunities for collaboration within the UAE’s “Project of the 50” program, specifically the Etihad Railway project, which Brad said is “a game-changer, in terms of transportation of goods as well as passengers. rail network and is more environmentally friendly “.
The UAE and UK could benefit from their expertise in space. “The UK has a very strong space industry, and most of our companies are based in Scotland with a lot of knowledge and expertise there. There are opportunities for companies that specialize in dealing with space waste to work together to orbit the Earth, ”he said.
Bradley Jones said Nafi is a very important initiative to improve Emiratis so that they can succeed in the private sector. “It will help us explain that the UAE is the country of entrepreneurs, manufacturers and business leaders.”
“50s Projects” is a series of development and economic projects including “50s Projects”; the second series of “Projects of the 1950s” – NAFIS; the UAE Rail Program and the Emirati Interplanetary Mission 2028.
UK Crown Dependencies UK Crown Dependencies, such as Jersey, Guernsey and the Isle of Man “offer services for private wealth management, trust funds, wealth planning. They are small islands but have a lot of expertise, ”said Bradley, who served as external relations officer for the Jersey government.
“They are international financial centers, very well managed, very well controlled and still very highly rated around the world as the leading international financial centers. And they have plenty in the City of London and in the financial markets from the United Kingdom, the European Union and the United States They have a long history of interaction with the United Arab Emirates due to the strength of their expertise.
“They have attracted a lot of business from the UAE. Jersey Finance is a member of the Business Council. They have an office at the Dubai International Financial Center (DIFC), the only international financial center that has an office at DIFC,” he said graduating.
Bradley Jones will accompany the British Co-Chairman of the Council, Lord Udny-Lister, on his visit to the United Arab Emirates next month. He said they will meet with member companies and discuss issues of common concern.
Translated by: Mervat Mahmoud.