UAE and Vietnam sign joint declaration of intent to launch CEPA

 

UAE

The United Arab Emirates (UAE) and Vietnam have recently signed a joint declaration of intent to start their talks on launching the comprehensive economic partnership agreement (CEPA) in order to promote trade between both nations.

Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade of the United Arab Emirates and Nguyen Hong Dien, the Minister of Industry and Trade of Vietnam signed the mutual declaration of intent document.

The Vietnamese Politician visited the UAE. He met with Al Zeyoudi. The two ministers discussed bilateral relations between the UAE and Vietnam. During the signing, Dr. Al Zeyoudi highlighted the importance of the relationship between the two countries, which continue to grow in all fields.

The launch of CEPA negotiations will be essential for the two countries in boosting the existing trade and economic ties between the two nations to new heights.

During the meeting, Al Zeyoudi said, “The UAE is Vietnam’s number one Arab trade partner, accounting for 39% of its total trade with the Arab countries.” He further noted that the non-oil trade exchange between the UAE and Vietnam in 2022 was valued at AED 29.4 billion ($8 billion). He pointed out that the trade in goods grew to 46 per cent in 2022 from less than 36 per cent in 2019.

Al Zeyoudi further said, “We look forward to strengthening our trade partnerships through the UAE’s global economic partnerships programme, CEPA, especially since Vietnam is our largest trade partner in the ASEAN (Association of Southeast Asian Nations) as of 2022.”

He noted that the CEPA would increase economic and trade cooperation between the two countries in unprecedented ways.

The two leaders agreed to collaborate in various fields, including trade, investment, economy, industry, energy, and infrastructure after signing of CEPA.

The Vietnamese Politician expressed his happiness at the signing of the mutual declaration of intent. 

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