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UAE wants quick trade talks, some deals signed in 6-12 months

The United Arab Emirates will pursue an aggressive timetable to barter financial agreements with eight nations it wants to deepen trade ties with, hoping it could actually wrap up some of these talks inside a yr, its trade minister mentioned on Tuesday.

The Gulf state, already a hub for world trade, this month introduced plans to strengthen trade and financial ties with India, Britain, Turkey and South Korea amongst others.

“We really do hope that … at least the first ones are going to be concluded within six months to one year. So we are talking about a very aggressive, quick work and quick negotiations,” Minister of State for Foreign Trade Thani Al Zeyoudi instructed Reuters in an internet interview.

He didn’t establish any nation.

The UAE would bilaterally pursue what Al Zeyoudi referred to as complete financial accords with the eight nations on trade, international direct funding and sectors like tourism.

The different nations the UAE has mentioned it wants to deepen trade ties with are Ethiopia, Indonesia, Israel and Kenya.

The UAE’s mixed annual non-oil trade with the eight nations was near $70 billion at pre-pandemic ranges, the federal government says. Officials estimate, for instance, non-oil trade with India might rise from $40 billion a yr pre-pandemic to $100 billion inside 5 years of an financial deal being reached.

The UAE’s push to bolster its standing because the Middle East business hub comes after it was hit exhausting by the pandemic with its economic system contracting final yr, and because it faces growing financial competitors from Saudi Arabia.

Al Zeyoudi mentioned the UAE was targeted on strengthening its personal economic system and, with out naming Saudi Arabia, was not taking note of what others have been doing in area, although added that financial competitors between states was pure and wholesome.

The renewed concentrate on the economic system additionally follows a reset of its assertive international coverage that has seen it take steps to fix strained ties with regional energy Turkey and neighbour Qatar.

The UAE wants financial and trade relations with these nations, in addition to regional energy Iran, Al Zeyoudi mentioned.

Al Zeyoudi, who’s in the United States, additionally mentioned he had mentioned U.S. tariffs on UAE aluminium and metal imports with U.S. counterparts and that he hoped the matter can be “sorted.”

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