EU among top three trading blocs with UAE

Trading in goods reaching $17bln last year

  

The European Union is one of the major trading blocks for the UAE, with trading in goods reaching 15 billion euros last year, putting the EU among top three of the trading blocs with the country, said the EU ambassador to the UAE.

Andrea Matteo Fontana was speaking to Euronews, a top international news channel in Europe, about the importance of the business and trading relations between the UAE and the EU, and the effect this will have on the UAE’s future economic growth.

“For us, investment is important and we have a lot of European investors here, but it's also about how to look at the future and how we can exchange knowledge and experience with the country. I'm thinking about economic diversification which I think this is a very important issue for the UAE who wants to diversify from an economy which was based on oil and wants to change,” Fontana said.

As well as helping the UAE move forward and build towards the future following the hit from the global pandemic through trading and business relations, Andrea Matteo Fontana’s role will see him support the UAE with Expo 2020, which is now set to take place in October 2021.

Commenting on the event that will boost the UAE economy exponentially he said: “I will be the Commissioner General for the EU during Expo 2020 and the importance of it, I think, is changing. I believe that it is difficult to predict what is going to happen until next year, but I believe that Expo 2020 will be one of the first global events.

“After the pandemic has finished or has decreased substantially, thanks to all the efforts that we're investing in the vaccine and so on, it will be a one of the first events where we can exchange experiences and learn from each other. And for that, I think the motto is still very appropriate - connecting minds and creating the future. We're going to look at how together we can create a future that is more sustainable, where there is more solidarity, where there is more exchange.”

Seven years after the European Union delegation opened in the UAE, the EU is looking to strengthen its cooperation with the UAE now more than ever.

Commenting on the priorities of his role this year, Andrea Matteo Fontana said: “This is going to be a very difficult year for business and we as international organizations, as governments, have to try and promote the best possible conditions for business to restart. And for this, from a European point of view, we will prioritise trade supplies and standards so the rules of the game allow us to go back to a system where we can trade with each other, and make business with each other, so that the economy can thrive again.” – TradeArabia News Service

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