Key highlights from inaugural UAE-Iran Joint Economic Committee session

UAE and Iran recently held the first session of the Joint Economic Committee (JEC) in the Emirati capital, to explore the strengthening of cooperation in several economic sectors of mutual interest. Many government officials from both sides attended the session.

Chaired by Abdullah bin Touq Al Marri, Minister of Economy of the UAE, and Mehrdad Bazrpash, Minister of Road and Urban Development of Iran, the session focused on economy, tourism, transport, entrepreneurship, energy, innovation, agriculture and environment.

The meeting also discussed the means to support joint efforts needed to elevate bilateral economic relations to improved heights. Bin Touq highlighted the UAE’s interest in expanding the scope of the economic and trade cooperation with Iran.

Bolstering UAE’s position as global trade and logistics hub

Bin Touq noted that the UAE-Iran economic partnership continues to improve across different fields, serving as a crucial pillar supporting the bilateral relations, adding that the convening of the first session reflects their shared aspirations to solidify existing ties.

The UAE leadership is committed to strengthening the country’s bilateral cooperation with global partners. Its Comprehensive Economic Partnership Agreement (Cepa) programme is aimed at bolstering the UAE’s position as a global trade and logistics hub.

The Minister of Economy also informed the Iranian delegation of the economic developments noted by the UAE’s business environment over the recent years. These include amendments to make the country more attractive to talent, investors, employers and businesses.

He also highlighted the introduction of several federal regulations. In addition, the launch of initiatives designed to support the national economy’s transition to a circular model, most notably the ‘UAE Circular Economy Policy 2031’ were brought under the limelight.

UAE, Iran agree to establish joint technical task forces

The inaugural UAE-Iran Joint Economic Committee session also discussed fresh mechanisms to improve trade exchanges and the significant role played by the private sector in promoting economic cooperation, as per official media reports.

Both sides agreed to establish joint technical task forces to ensure the implementation of the committee’s outputs. The JEC also agreed to provide various programmes and facilities to help SMEs develop and support their exports in entering new markets.

Furthermore, the UAE and Iran also explored the strengthening of cooperation and investment in multiple key sectors and activities concerning trade, tourism, energy, R&D, institutional innovation, exchange of knowledge, entrepreneurship, aviation and agriculture.