Enhancement of trade between the UAE and Indonesia was a key focus of the meeting…reports Asian Lite News
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on Thursday met with Indonesian President Joko Widodo at Expo 2020 Dubai, in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance.
Sheikh Mohammed and the Indonesian President witnessed the exchange of a series of memoranda of understanding (MoUs) and agreements between the two countries for cooperation in the sectors of financial services, investment, travel and energy, and the avoidance of double taxation.
The meeting was attended by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group, and Chairman of the Expo 2020 Dubai Higher Committee; Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council; Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum; and Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, and Commissioner General of Expo 2020 Dubai, apart from senior dignitaries and officials.
The two sides discussed issues of mutual interests and ways to boost bilateral cooperation. They also discussed new avenues to enhance bilateral cooperation for the benefit of the people of the two countries. The discussions also highlighted the importance of offering the private sectors of Indonesia and UAE opportunities to explore investment in both countries and launch joint companies.
Enhancement of trade between the UAE and Indonesia was a key focus of the meeting. The UAE’s longstanding bilateral relationship with Indonesia is anchored on close cultural ties and a shared commitment to enabling greater economic development and prosperity between both countries. The total value of the UAE’s non-oil trade with Indonesia in 2020 reached $2 billion and the country is seeking to increase trade volumes significantly in the coming years through the Indonesia – UAE Comprehensive Economic Partnership Agreement (IUAE-CEPA). In the last five years, the total value of non-oil trade between Indonesia and the UAE exceeded $11 billion.
Current estimates indicate that opportunities to increase non-oil trade are promising, with an annual growth potential of $1.6 billion in several sectors, including jewellery, vegetable oil, automobiles and car parts, copper, rubber and aluminium.
The meeting also discussed regional and international developments, the progress made in combating the pandemic and efforts made in the UAE and Indonesia to accelerate development in the post-COVID phase. The two sides also discussed the importance of global cooperation in tackling climate change, which has seen the UAE working to deliver on climate action, as part of which it recently announced a plan for net-zero emissions by 2050.
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Earlier, Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Indonesian President discussed friendship ties between the two countries at various political, economic and trade levels, as well as joint steps needed to enhance them.
During the meeting, held at Al Bahr Palace, Sheikh Mohamed bin Zayed and President Widodo spoke about the importance of the UAE’s hosting of Expo 2020 Dubai in promoting its mission and common human values in communication and convergence between the world’s cultures, peoples and civilisations, as well as introducing countries to their development experiences, historical peculiarities and cultural advantages, in addition to Indonesia’s distinguished participation as a country blessed with diverse sustainable resources.
Indonesian President visited Al Jubail Island and planted a mangrove tree. The UAE has given special care to this tree due to its role in preserving the environment.