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02 December 2023

UAE urges Japan to narrow trade gap

By Agencies



Japan was urged to import more commodities from the UAE to narrow the trade gap between the countries.

The call came from Minister of Economy Sheikha Lubna bint Khalid Al Qasimi Sunday, who said products such as aluminium, urea and ceramics could help to correct the imbalance. UAE products matched global standards and several had been awarded international quality certificates.

Sheikha Lubna was speaking during a meeting in Tokyo with Akira Amari (pictured above), Japan’s Minister of Economy, Trade and Industry.

She called on Japanese companies to benefit from the economic opportunities in the UAE to broaden their investment base and boost joint co-operation.

The UAE offered investors a marketing opportunity in a large region with a population of 1.3 billion.

She highlighted the need to establish Japanese training institutes in the UAE to instruct Emiratis on the use of modern technology.

“Both countries must coordinate and unify their positions regarding issues presented to the World Trade Organisation,” she said.

Sheikha Lubna invited the Japanese side to benefit from the geographical position of the UAE to develop the re-export trade.

The UAE minister stressed the need to finalise free trade negotiations between Gulf Co-operation Council (GCC) member states and Japan and to sign an agreement.

The Japanese minister reiterated his country’s desire to consolidate bilateral relations and benefit from the fast growth of the UAE’s economy.

He expressed hope that the free trade agreement between his country and the GCC would be signed soon to boost trade.

Ties between the UAE and Japan have developed significantly over the past few years. Non-oil trade rose to Dh22 billion in 2006 from Dh11bn in 2002. (WAM)