UAE and Japan Begin Talks to Strengthen Economic Trade Deal

19 Sep, 2024

UAE and Japan Begin Talks to Strengthen Economic Trade Deal

The UAE and Japan are set to begin talks on a comprehensive economic partnership agreement (CEPA) to strengthen their economic ties. This initiative aims to bolster sustainable growth and enhance bilateral relations, building on their long-standing strategic cooperation. UAE President Sheikh Mohamed emphasized the importance of the agreement in a recent X post, expressing eagerness to explore new opportunities that support mutual economic growth.

Japan's Prime Minister Fumio Kishida also highlighted the significance of concluding the CEPA, along with the ongoing Japan-GCC foreign trade agreement negotiations. The UAE, being Japan's top trading partner in the Arab world, receives 40% of Japan's exports to Arab countries, while Japan ranks among the UAE's top global trading partners. Non-oil trade between the two nations reached $8.1 billion in the first half of 2024, with total trade for 2023 at $17.3 billion—a 17.4% increase from the previous year.

Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, described the CEPA talks as a milestone, aiming to reduce tariffs and foster new investment opportunities. The UAE's ambitious goal includes signing 26 CEPA agreements, with several already in place. This new agreement with Japan is expected to further boost trade and economic collaboration.