UAE seeks to strengthen financial and economic ties with Poland

Image source: WAM

UAE, Poland plan to strengthen bilateral cooperation financial and economic linkages, while assessing the outlook for key sectors such as renewable energy, tourism and fintech.

“The UAE is keen to strengthen economic and financial ties and partnerships with Poland and expand areas of cooperation to include key areas of mutual interest. Our cooperation will help boost our economic development and strengthen our bilateral relationship,” UAE said Mohammad bin Hadi Al Husseini, Minister of State for Financial Affairs.

The two countries agreed to strengthen cooperation in the field of tax policy and exchange knowledge, experience and best practices.

These practices include digital reporting requirements, big data analytics, machine learning, means to support research and innovation, and the deployment of new technologies such as artificial intelligence in the public sector.

H.E. Mohammad bin Hadi Al-Husseini, Minister of State for Finance, met H.E. Magdalena Žeckowska, Minister of Finance of the Republic of Poland, to discuss ways to strengthen financial and economic cooperation between the two countries.#mofuae #information pic.twitter.com/BBLcONJgrJ

— Ministry of Finance | UAE (@MOFUAE) May 26, 2023

The UAE is one of Poland’s largest trading partners in the GCC region, as non-oil intra-trade between the two countries reached AED3 billion in the first half of 2022, up 22 percent from the same period in 2021.

In 2021, the non-oil internal trade volume between the two countries will reach 5.3 billion dirhams, an increase of 12% over the previous year.

UAE boosts trade ties

Meanwhile, incentives offered by the UAE economy include global investment platform Investopia, and the Comprehensive Economic Partnership Agreement (CEPA).

Since 2021, the Gulf states have signed four bilateral trade agreements with India, Israel, Indonesia and Turkey and initiated CEPA negotiations with others including South Korea, Thailand, Malaysia, Ukraine and Vietnam.

Agreements with India and Israel are already in effect, while those with Indonesia and Turkey are imminent. The negotiations are expected to lay the groundwork for an important platform for future-oriented economic and trade relations.

World Trade Organization (WTO) Global Trade Outlook and Statistics Report 2022 The UAE’s trade in goods with the rest of the world will reach $1.024 trillion in 2022, as rising oil prices lead to an increase in the share of imports and exports, he said.

The trade body ranks the UAE 11th^day In terms of merchandise exports, it is the 18th importer of global merchandise trade.

As the country seeks to strengthen its position as a global trade and business hub, the UAE is currently negotiating trade agreements with more strategically important markets at the regional and global levels.

read: UAE, Malaysia agree to start CEPA talks