Abu Dhabi: The UAE-Singapore joint committee meeting was held yesterday in Abu Dhabi, concluding with the signing of a number of Memorandums of Understanding.

The meeting was chaired by Mohammad Abdullah Al Gergawi, Minster of Cabinet Affairs and the Future, and Vivian Balakrishnan, Singapore’s Foreign Minister.

Al Gergawi pointed out that non-oil trade between the UAE and Singapore was valued at $4.1 billion in 2016, which is a 12 per cent drop from the $4.7 billion recorded in 2015. Al Gergawi said that this drop is an extra motive to work on advancing economic relations in order to achieve the outlooks of both countries’ leaderships.

For his part, Balakrishnan said the UAE is Singapore’s key partner in the Middle East, and is its biggest partner in terms of trade, with Singaporean investments in the UAE valued at $1.6 billion 2014.

At the conclusion of the meeting, a number of cooperation agreements and MoUs were signed. An MoU was signed between Abu Dhabi Global Market (ADGM) and the Monetary Authority of Singapore for cooperating in the field of FinTech. Also signed were two MoUs between ADGM courts and the Supreme Court of Singapore for cooperation in the field of judiciary work and mutual recognition on the implementation of judicial rulings.