The UAE and Estonia are exploring cooperation opportunities in promising sectors to advance bilateral trade
Dubai, April 27 / WAM / His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and His Excellency Tet Risalo, Minister of Economic Affairs and Information Technology of the Republic of Estonia – who is currently visiting the country – discussed ways to develop trade and investment relations between the two countries.
During the meeting held in Dubai, the two sides identified particularly promising sectors, with a focus on increasing cooperation in the field of digitization, advanced technologies, artificial intelligence and health technology, with the aim of raising bilateral non-oil trade in goods and services to new levels.
Bilateral non-oil trade in goods between the UAE and Estonia recorded a record growth in 2023 of 76.2%, reaching a total value of $176.3 million, compared to about $100.1 million in 2022.
His Excellency Thani Al-Zeyoudi said that Estonia is ranked among the best countries in the world in providing smart services, and its membership in the European Union makes it an important and promising partner for the country, as its economy is expected to return to strong growth in the coming years, and this is reflected in the increase in bilateral trade flows in 2017. 2023.
His Excellency added that there are many opportunities with mutual benefits to expand non-oil intra-trade, exchange knowledge, experiences and success stories in the services sector, and establish broader cooperation in areas such as artificial intelligence, digital healthcare and food security, and the UAE also provides a stimulating and conducive business environment to facilitate opportunities. Estonian companies seeking to leverage the UAE’s world-class infrastructure and logistics services to expand into the markets of the Arab world, Asia and Africa, which is why the two countries realize that they can support each other’s economic ambitions in the coming years.
For his part, His Excellency Tet Risalo expressed his appreciation for the UAE’s efforts to enhance bilateral trade with Estonia, and welcomed the opportunities to strengthen cooperation between the two countries, focusing on the strengths that Estonia enjoys in areas such as digital innovation, e-commerce, and clean technology, which offer promising avenues for cooperation with the UAE.
During the meeting, ways to build on the trade momentum of the two countries were discussed, while reaffirming the two countries’ commitment to stronger and deeper economic relations, and their commitment to open, rules-based trade.
The two sides praised the record growth in bilateral trade volume, and pledged to continue exploring new ways of cooperation to benefit from the growing interest in each other’s markets.
Key areas of discussion included exploring opportunities to diversify products and trade sectors, enhancing trade facilitation measures, and enhancing cooperation not only in the field of advanced technology but also in the field of food security and sustainable development.
The two sides expressed their optimism about the future of bilateral trade relations, and agreed to work closely together to open new opportunities for economic growth and prosperity, expressing their commitment to strengthening a strong and lasting partnership that benefits the business communities and the two friendly peoples.
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