Abu Dhabi: The importance of a free trade agreement between the UAE and the European Union (EU) was discussed yesterday at a meeting between EU and UAE representatives here.
Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, and Rodi Kratsa, vice-president of the European Parliament, met to discuss more co-operation between the UAE and the EU, as well as current economic trends in the Middle East and Europe.
A statement yesterday said that Al Mansouri "reiterated the importance of the EU signing a free trade agreement with the GCC after 22 years of negotiations.
"The EU will be the beneficiary of this agreement, with economic powers such as China, Japan, India and Australia keen to establish free trade areas in the region."
Anti-dumping measures
During the meeting, both sides discussed the issue of dumping and its impact on the performance of the markets. Al Mansouri stressed the ministry's commitment and explained the common law of anti-dumping in the GCC countries to enhance the performance and protection of national products.
According to the statement, Kratsa congratulated the UAE for its ability to "deal competently with various high global variables, led by its diversity and openness to the world as well as its strategic location."
Ziyad Dabbas, a National Bank of Abu Dhabi analyst for local markets, said that the free trade and prevention of protectionist measures are among the most important growth factors that led the UAE economy to recover from the global financial crisis.
© Gulf News 2012
