By Muhammad Amir
ABU DHABI, June 9, 2022 (WAM) – A senior official of the UAE-UK Business Council has said that the British government may consider signing other agreements with the UAE, such as CEPA, a comprehensive economic partnership agreement, in addition to free Trade agreement with GCC.
“There is nothing stopping the UK and the UAE from talking to each other about signing additional agreements,” Bradley Jones, executive director of the UAE-UK Joint Business Council, told the Emirates News Agency (WAM) in a virtual interview. London.
“CEPA is a bit broader in scope than the free trade agreement, it covers a lot more issues,” he added.
For example, the UAE has signed CEPA with India, the real beneficiary of which may be the United Kingdom. “If a British manufacturer exports the product to India at 60 percent in the UK, 40 percent in the Jebel Ali Free Zone (Jafza) or any other ice zone in the UAE, it will get all the benefits of CEPA.”
“I think the UK can negotiate other agreements with the UAE,” he said.
UAE-UK trade-investment relations
The UAE-UK trade and investment relationship has grown in recent years from 12 billion (AED 60 billion) in 2014 to 18.4 billion (AED 92 billion) in 2020. Brad thinks that “this year the trade will grow significantly again, it will rise. We would return to the pre-volume level of about 18 billion.
“We hope to reach 25 billion in a few years,” he added.
The UAE-British Business Council is a forum of thought leaders chaired by Lord Udni-Lister of the United Kingdom, Ahmed Ali Al Sayegh, Minister of State for the UAE.
“We are bringing together business leaders, scientists and entrepreneurs to tackle real problems, identify barriers to doing business in the UK, such as regulatory barriers, and discover new emerging opportunities that we have not yet explored,” he said. , adding that the council values everything that happens at the government level.
Bradley Jones described the UAE-UK Sovereign Investment Partnership (UAE-UK SIP) as a “rather unique initiative”.
The UAE has provided $ 10 billion through the UAE-UK SIP, which is controlled by OfI և Mubadala’s the UK Investment Office (OfI) և Abu Dhabi Mubadala Investment Company’s agreement last September.
“They are investing in the latest innovative projects, which have a high growth potential,” he said. They can also transfer knowledge to the UAE.
Cooperation in energy և other areas
Brad stressed that the council is working on cooperation in the field of energy transition, in areas where there are opportunities, such as Artificial Intelligence (AI), financial technology (FinTech), advanced manufacturing, education, biology, agricultural technology (Agritech).
The Council will host a summit in Aberdeen, Scotland on Monday to explore opportunities for co-operation in the energy transition between the two countries, he added.
He also spoke about the activities of the Energy, Infrastructure and Environmental Oxygenation Council ahead of COP28 in Abu Dhabi.
UAE և UK can work together on global issues
According to Brad, the UAE և Great Britain can work together to work together on global issues such as climate change, global health և education.
“For example, during the COVID-19 crisis, there was a great deal of cooperation between the UAE and the United Kingdom to bring the vaccines to other countries and distribute them quickly,” he said.
He explained that the role of the Council is to educate British companies about the power of the UAE as a hub for transportation, “if you are a British company, your main market is South Asia or Africa, you need to understand how the UAE can to help You are overcoming the disorder caused by the COVID-19 epidemic. “
The UAE “50s Project” program
There are many opportunities for cooperation in the UAE Project 50, especially the Etihad Railway project, which, according to Brady, “changes the game in terms of freight, as well as in terms of the passenger rail network – more environmentally friendly.”
UAE և UK can benefit from their space experience. “The UK has a very strong space industry, most of our companies are based in Scotland with a lot of knowledge and experience there. “There are opportunities for cooperation for companies that specialize in working with space debris orbiting the planet Earth,” he said.
Bradley Jones said that Nafis is a very important initiative for the top level of the UAE so that they can succeed in the private sector. “It will help explain to us that the UAE is a nation of creators, business leaders and entrepreneurs.”
“50s projects” is a series of economic development projects, which includes “50s projects”. The second collection of “50s projects” – NAFIS; UAE Railway Program և Emirati Interplanetary Mission 2028
UK Crown Dependencies:
UK Crown Dependencies, such as Jersey, Guernsey and Isle of Man, offer private wealth management services, trust funds, and wealth planning. “They are small islands, but they have a lot of experience,” said Bradley, who has served as a senior foreign affairs officer. Government employee of Jersey.
“They are international financial centers, very well governed, very well regulated, globally always receiving very high marks as the best international financial center. Moreover, they surpass the city of London, the UK, the European financial markets. Union և USA. They have a long history of working with the UAE because of the strength of their experience.
“They have attracted so many businesses from the UAE. Jersey Finance is a member of the Business Council. “They have an office at the Dubai International Financial Center (DIFC), the only international financial center with an office at DIFC.” concluded.
Bradley Jones will accompany Council Co-Chair Lord Udney-Lister on his visit to the UAE next month. He said that they will meet with member companies and discuss issues of mutual interest.
The British government may consider negotiating other agreements with the UAE, such as CEPA. Bradley Jones
Source The British government may consider negotiating other agreements with the UAE, such as CEPA. Bradley Jones