Emirati and French ministers discuss ways to deepen trade and investment ties

Despite substantial changes amid a COVID-driven economic uncertainty, trade growth between France and the UAE has remained robust over the past few years.

Meeting in Abu Dhabi on Thursday, UAE’s Minister of Economy Abdullah Al-Marri and Olivier Becht, France’s Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad, discussed ways to boost economic cooperation between the two countries.

In particular, they reviewed options for improving bilateral trade and investment in innovative start-ups, the circular economy, renewable energy, family businesses, agriculture, tourism and technology. France is aiming for another year of robust trade with the Emirates.

Compared to the $6.86 billion recorded for the 12 months to the end of December 2021, the value of bilateral trade between the two countries increased by 16.8% to $8 billion last year, WAM reported weeks back, quoting Federal Competitiveness and Statistics Centre data.

Despite substantial changes amid a COVID-driven economic uncertainty and the Russian invasion of Ukraine, trade growth between France and the UAE has remained robust over the past few years. As they continue to deepen ties, new records could be created this year.

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Emirates – A Major Trading Partner In The Region For France

“The UAE – French relations are distinguished by a strong and sustainable strategic partnership across all fields,” said Al-Marri. He stressed the high-profile official trips exchanged by the two countries recently, especially that of UAE President Sheikh Mohamed to France last May.

Becht, meanwhile, highlighted the importance of Emirates as a major trading partner in the region for France. Economic and trade relations between the countries have received a substantial boost from the recently-established French-Emirati Business Council, he added.

The second-largest economy in Europe aims to expand both oil and non-oil trade with the UAE, with the luxury goods and aviation sectors driving growth this year, Becht told The National in an interview on Thursday.

The list of the five leading commodities imported from France last year had jewellery and precious metal products at the top, with a value of $0.81 billion, followed by jet engines, perfumes, medicines and luxury bags.