The two parties discussed ways to strengthen economic cooperation, trade and investments, as well as other potential opportunities to develop a mutually beneficial partnership between the two countries … reports Asian Lite News.
Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs has met Giovanni Treya, Italian Minister of Finance and discussed ways to strengthen economic cooperation, trade and investments, as well as other potential opportunities to develop a mutually beneficial partnership between the two countries.
UAE officials accompanying Al Tayer in addition to Saqr Nasser Al Risi, UAE Ambassador to Rome attended the meeting which was held as part of Ministry of Finance’s, MoF, business trip to Italy.
The two parties discussed ways to strengthen economic cooperation, trade and investments, as well as other potential opportunities to develop a mutually beneficial partnership between the two countries.
They stressed the necessity of developing economic ties by enhancing trade and investment exchange, as well as taking advantage of the agreement on double taxation avoidance and the agreement to protect and encourage investment between the two nations.
Commenting on the meeting, Al Tayer highlighted the strong relations between the UAE and Italy, as well as the trade and economic cooperation frameworks of the two countries. He reiterated Italy’s position as one of the UAE’s largest trading partners – Italy is the third largest trading partner of the United Arab Emirates European Commission.
He expressed the keenness of the United Arab Emirates to bolster bilateral ties with Italy in order to complement the strategic partnership that the business communities of the two countries have shared for decades. Al Tayer noted that the meeting highlighted the vast potential opportunities that would support the economic relations between the two countries, including exchange and development of expertise in modern technology and artificial intelligence.
The non-oil foreign trade between the two countries reached more than US$7.9 billion in 2017, making the UAE one of the most important markets for Italian exports in the Gulf and MENA region.