Synopsis
The European Union and the UAE have initiated free trade talks, as announced by Ursula von der Leyen, potentially strengthening ties and cooperation in key strategic areas like renewable energy.Key Takeaways
- EU and UAE commence free trade negotiations.
- Strategic Partnership Agreements to enhance relations.
- Negotiations to liberalize trade in goods and services.
- Focus on renewable energy and critical raw materials.
- EU is UAE's second-largest trade partner.
Brussels, April 11 (NationPress) The European Union (EU) and the United Arab Emirates (UAE) have reached an agreement to commence free trade discussions, as announced by European Commission President Ursula von der Leyen.
"This signifies a significant advancement in EU-UAE relations and, in conjunction with the broader Strategic Partnership Agreements, can act as a catalyst for enhanced connections between the EU and the Gulf Cooperation Council (GCC)," stated the Commission on Thursday.
European Commissioner for Trade and Economic Security Maros Sefcovic is anticipated to visit the UAE shortly to further the negotiations, as reported by Xinhua news agency.
The discussions aim to liberalize trade in goods, services, and investments, while broadening cooperation in key sectors such as renewable energy, green hydrogen, and critical raw materials, according to the Commission.
Despite US President Donald Trump suddenly announcing a 90-day suspension on his extensive "reciprocal" tariffs revealed last week, which includes a 20% tax on EU imports, the EU is actively seeking to diversify its trading partners.
Von der Leyen expressed optimism regarding the progress, stating that both parties are dedicated to advancing "swiftly and ambitiously."
The EU ranks as the UAE's second-largest trading partner, with a total of $67.6 billion in non-oil trade in 2024, constituting 8.3% of the UAE's overall non-oil foreign trade, based on official UAE statistics.
