The Fourth session of the UAE- Spain Joint Economic Committee was held in Dubai today (Monday, October 23, 2017). The ministerial meeting of the committee was chaired by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economic Climate, and by H.E. Luis De Guindos Jurado, Minister of Economic Situation, Industry and Competition of Spain.

Likewise present were Ministry officials H.E. Eng. Mohamed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs; H.E. Humaid Bin Butti Al Muhairi, Assistant Undersecretary for Commercial Affairs; H.E. Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade; and H.E. Youssef Issa Al Rifai, Assistant Undersecretary for Support Services, along with H.E. Mohamad Sharaf, Assistant Minister of Foreign Affairs and International Cooperation for Economic and Trade Affairs, and representatives of several related government entities such as the Ministry of Finance and the Federal Customs Authority.

The Spanish side, on the other hand, consisted of H.E. Marisa Poncela, Secretary of State for Trade; H.E. Antonio Alvarez, Spanish Ambassador to the UAE; and several other polite individual and senior officials from the Spanish Government.

Both sides commended their exceptional bilateral relationships which improves partnership and control in different growth areas of usual passion. Both ministers reviewed one of the most crucial economic and development issues in their corresponding nations. They likewise assessed the current advancements and fads in global economics and traded views on the numerous obstacles and changes encountering the global economic climate along with the participating strategies to confronting them.

The group highlighted that the economic relations in between their nations have been continually growing. They revealed their dedication to collaborating to consolidate these relationships on a recurring basis and to explore advancement opportunities in numerous industries. They noted the vital function played by the Joint Economic Board in elevating their existing collaboration to greater degrees based on tactical structures and devices and a clear agenda that meets the goals of both countries.

The Committee concentrated on boosting trade in and solutions; encouraging shared financial investments; establishing joint ventures that offer the rate of interests of both sides; strengthening collaboration in innovation, tiny- and medium-sized enterprises (SMEs), entrepreneurship, clinical research and development; and joining investments and business tasks associated with the organizing of Exposition Dubai 2020. It also looked for to construct effective and mutually useful partnerships between the business fields of the two nations.

H.E. Eng. Al Mansoori said: "We are happy to count Spain among one of our closest political and financial allies. Our non-oil bilateral international trade has flourished in recent years, expanding by an impressive 26.3 percent from USD 1.9 billion in 2011 to USD 2.4 billion in 2016. Spain's straight financial investments to the UAE continue to expand, with 45 commercial companies, 112 commercial agencies and 2,456 hallmarks from Spain registered locally since 2015."

" There is still huge room for growth, and given the ongoing significant changes in the global economic situation, we would mutually benefit from exploring new methods of teamwork specifically in locations prioritized by our corresponding nationwide development programs. Given that its initial session in Madrid in 2010, the UAE-Spain Joint Economic Board has played a crucial duty in linking our commercial and financial voids. For the Fourth round of meetings we will analyze the progress of the joint activities we settled on during the last session in Granada and check out prime investment and partnership chances in industries of common interest moving forward," he included.

The Minister additionally kept in mind that the UAE expects trading experiences and knowledge and activating participation with Spain in a number of locations of usual interest, especially those that remain in line with UAE Vision 2021 and those that show Spain's leading developmental experiences, particularly in the fields of innovation, SMEs, entrepreneurship, and clinical research study. He also shared optimism in intensifying trade and enhancing common investment in addition to strengthening cooperation in the commercial and tourism sectors which are plan priorities in the two countries. He highlighted the relevance of strengthening collaboration in the areas of farming, food protection and Halal products, health, education, transportation, infrastructure, the Islamic economy, specifications and metrology as well.

H.E. De Guindos Jurado said: "We have strong bilateral relationships with the UAE, mainly in terms of financial and trade participation which remains to grow. The UAE is amongst our nation's most important partners in the Middle East and we consider it a vital economic destination for the Spanish Government and our economic sector."

H.E. Guindos added that wider horizons for strengthening teamwork in the vital markets of both nations exist in advance, specifically because of their financial advancement. He mentioned that the Spanish economic climate has actually achieved a significant development of 3 percent over the previous two years and is taken into consideration as one of the most affordable and adaptable in the European Union. He kept in mind the relevance of providing an ideal atmosphere for establishing efficient partnerships at the governmental and private levels that offer the growth objectives of both events, especially due to their typical rate of interest in enhancing innovation, knowledge and clinical study abilities in addition to sustaining and empowering the SME field and entrepreneurship, which are thought about key drivers of financial growth in both countries.

His Excellency De Guindos even more added that both sides have taken on audio common mutual investments towards sectors of included worth. He highlighted his nation's eagerness to elevate the level of trade exchange, and improve the opportunities for Spanish business to prosper within the UAE's active investment environment while drawing in UAE business to the appealing chances offered by the Spanish markets. This, he claimed, will even more reinforce financial relationships between the two nations and open wider horizons that offer their interests and meet their advancement ambitions.

Preparatory Meeting
The ministerial conference of the Committee was held after a preparatory session today chaired by H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the UAE Ministry of Economic Situation for Economic Affairs; and H.E. Marisa Poncela, Spanish Assistant of State for Trade. The two sides assessed the products in the board's program and the methods to help with teamwork and control in between the two sides in the locations set in the Board's minutes. H.E. Al Shehhi stressed that the outcomes of the board session will provide a crucial increase to the trade and financial relationships in between both countries. He stated that both sides will certainly seek to create a structure for a new and recognized stage of teamwork and enhance control to deal with developing challenges and benefit from offered sources.

Various items that set up an effective road map for cooperation
The minutes of the board's meeting consisted of the agreement of the two sides on the importance of increasing the extent of financial and trade cooperation in between UAE and Spain. The group underscored the need to sustain the efforts of the general public and economic sectors to explore chances for establishing joint ventures and shared financial investments that harness the significant potential offered by the economic settings of both nations.

The UAE shared its eagerness to accept Spain in markets focused on under the country's National Innovation Approach as key to boosting advancement based upon knowledge, innovative and imagination - including renewable resource, health, education, innovation, transport, water, and space.

The Spanish side expressed their passion in advertising joint job in between the public and economic sectors in these areas, as well as their need to get involved alongside the UAE and international firms in construction jobs and other preparations for Dubai Expo 2020.

Both sides better highlighted the value of teamwork in the fostering of the Halal industry and following up the positive results of the Memorandum of Understanding authorized in 2014 in between the Emirates Authority for Standardization and Metrology (ESMA) and The National Firm for High Quality Assessment and Accreditation of Spain (Entidad Nacional de Acreditacin - ENAC). They also talked about sychronisation on Halal standards in the nation to ensure that Halal certifications released in Spain adhere to pertinent UAE policies.

In terms of financial investment participation, the two sides reviewed methods to progress to authorizing an arrangement to urge and shield financial investments in between the two nations.

The two events accepted move on in supporting innovation, little- and medium-sized enterprises, scientific research and development, along with the opportunity of signing MoUs for these locations to give an attractive business environment for all international companies running in the UAE.

The group emphasized the vital role of the SME industry in owning financial growth. The Spanish commended the UAE's leading initiatives to increase the existence of SMEs in Dubai Expo 2020. They emphasized the significance of trading experiences and sharing knowledge and best methods in these industries.