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UAE and Germany to increase investment
A UAE delegation led by Sultan Bin Saeed Al Mansouri, Minister of Economy, attended the 7th session of the UAE-German Joint Commission on Economy, Trade and Technical Cooperation held in Berlin, Germany, from June 9 to 10.
- Staff Report
- Published: 00:03 June 13, 2008
Dubai: A UAE delegation led by Sultan Bin Saeed Al Mansouri, Minister of Economy, attended the 7th session of the UAE-German Joint Commission on Economy, Trade and Technical Cooperation held in Berlin, Germany, from June 9 to 10.
Dr. Bernd Pfaffenbach, State Secretary of Germany's Federal Ministry of Economics and Technology, headed the German side.
Both countries agreed on a number of key initiatives such as increasing investment; developing bilateral commercial information exchange; strengthening enforcement of intellectual property rights; and amending the bilateral agreement on preventing double taxation.
Al Mansouri said that the annual average growth rate in non-oil bilateral trade between the UAE and Germany rose 24 per cent to $6.19 billion in 2006 over $2.63 billion in 2002, with UAE exports mainly comprising primary commodities such as basic metals; fabrics; stone materials; ceramic and glass products; and animals.
The UAE's trade deficit with Germany rose from $2.4 billion in 2002 to $5.7 billion in 2006.
The two sides emphasised the positive results produced by the session, pointing out that the discussions were very fruitful and led to a comprehensive agenda for improving bilateral relations between the two countries.
In addition, the participants called for more support for programme promoting renewable energy and energy efficiency and encouraged the mutual sharing of experiences in various fields among public and private sectors.
The parties also agreed to prepare a memoranda of understanding on health; to cooperate in the fields of irrigation, organic and fish farming and other basic agricultural techniques.
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