Ministers and Officials: The Economic Partnership Agreement between the UAE and Indonesia establishes a new phase of strategic cooperation

 Ministers and officials in the UAE government and government leaders in local authorities stressed the great importance of the comprehensive economic partnership agreement between the UAE and Indonesia, as it establishes a new stage and an important starting point towards more strategic cooperation in various vital sectors, harnessing the great potential of the two countries for the interest and prosperity of the Emirati and Indonesian peoples. .

The comprehensive economic partnership agreement with Indonesia is the third of its kind concluded by the UAE since the beginning of this year, after signing two agreements with India and Israel last February and May. The agreement was designed with the aim of stimulating bilateral trade between the two countries and raising its total value from about 3 billion dollars. annually in 2021 and reaching $10 billion annually within five years by reducing or removing tariffs on a wide range of goods and services, creating new opportunities for exporters and companies on both sides.

On the multiple economic benefits of the agreement, Abdullah bin Touq Al Marri, Minister of Economy, said: "The UAE believes that economic growth depends on strong multilateral partnerships and a common commitment to achieving stability and development. The Comprehensive Economic Partnership Agreement between the UAE and Indonesia translates this trend, especially as it will advance trade relations. The agreement is designed to reduce or eliminate customs duties on most commodities, in addition to enhancing market access, stimulating new investment flows, and generating additional opportunities in vital sectors such as energy, advanced technology, health care, the environment, and digital trade. It will also help the growth and prosperity of the next generation of companies in the two countries.This agreement will provide a constructive ground for achieving exceptional growth and important achievements to consolidate trade and investment cooperation ties between the two countries at a faster pace, which is an important incentive to achieve further growth and prosperity in the relations of the two countries.”

Bin Touq added that the expected growth in economic and commercial activity and the flow of investments between the two countries upon the entry into force of the agreement would enhance growth and opportunities on a larger scale by pushing for greater economic integration between the two countries to include all sectors, which would contribute to increasing opportunities for the business community in both countries. and laying the foundations for a more prosperous and sustainable future for both peoples.

- Establishing the UAE's position as a major global gateway for the flow of trade and investment.

For his part, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: "The comprehensive economic partnership agreement between the UAE and Indonesia accelerates access to a new era of trade cooperation across all sectors, provides new opportunities for companies, and facilitates exporters' access to markets in both countries. The agreement will also contribute to In consolidating the position of the UAE as a major global gateway for the flow of trade and investment, it will also contribute to achieving plans to double the size of the national economy to reach 3 trillion dirhams by 2030. This agreement reflects the vision of the UAE using trade and investment as main drivers of sustainable growth for the national economy, and will lay solid foundations stronger ties across key economic sectors in the two countries, as well as boosting exports and encouraging more inflows of foreign direct investment.”

Al Zeyoudi added that the agreement will provide a platform for small and medium-sized companies in the two countries to expand internationally by giving them access to new clients, networks and means of cooperation, and will enhance the mutual trade flow, as we are already witnessing a significant growth in intra-regional trade on an annual basis, as the total value of intra-non-oil trade reached Between the UAE and Indonesia $3 billion in 2021, and under the umbrella of the Comprehensive Economic Partnership Agreement between the two countries, bilateral trade can multiply more than 3 times, reaching $10 billion within 5 years.

Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, said: "The Comprehensive Economic Partnership Agreement between the UAE and Indonesia reflects the great trade and investment potential of constructive cooperation based on achieving common interests and what can be achieved when negotiations take place within a framework of cooperation and mutual respect. "Strengthening the UAE's position as a global center for business, finance, investment and innovation, this agreement will contribute to improving access to one of the most important markets in the Islamic world. It will also enable the business communities of the two countries to cooperate closely, and will help promote local and foreign direct investment."

He added: "The comprehensive economic partnership agreement between the UAE and Indonesia aims to create more opportunities in the fast-growing sectors of the Islamic economy, which is estimated to reach $3.2 trillion by 2024. It will also accelerate the pace of up to $10 billion worth of projects. Investing in sectors of common priority such as agriculture, energy, infrastructure, and logistics, in parallel with encouraging future cooperation in the fields of tourism, entrepreneurship and healthcare.”

For her part, Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, said: "The UAE approach is based on building bridges of partnership and joint action with all countries of the world for the benefit of peoples and societies. The UAE continues under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan. The President of the UAE, "may God protect him", consolidates its global position as an active and influential country in the international cooperation system, with the aim of creating a better future for all.The signing of the Comprehensive Economic Partnership Agreement between the UAE and Indonesia is an important step in this direction, and constitutes a translation of the desire of the leaderships of the two countries to advance cooperation to the highest levels. In a manner that serves their common interests, and this agreement inaugurates a new era of cooperation between the two friendly countries, and strengthens the historical relations between them.”

Reem Al Hashemi added: "The conclusion of comprehensive economic partnership agreements with the most important international partners comes within the framework of the strategic initiatives package within the UAE's plan for the next fifty years, which began with its impressive success witnessed by the world in hosting Expo 2020 Dubai with the participation of 192 countries gathered on its soil on the principle of partnership and cooperation for the industry. A sustainable and promising tomorrow, and inspired millions of visitors with the values ​​of convergence, creativity and innovation, thus forming a global laboratory for the unlimited opportunities available through cooperation between countries, peoples, minds and strategic visions to achieve development goals and create the future that we all desire.”

Suhail bin Muhammad Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, said: "The conclusion of the comprehensive economic partnership agreement between the UAE and Indonesia reflects the desire of the two countries to enhance and expand horizons of cooperation in various fields of common interest that contribute to promoting sustainable development in the two countries. The agreement will strengthen cooperation in the two countries. Many sectors, especially in the fields of energy and infrastructure.

Al Mazrouei added that the joint work between the Emirati and Indonesian sides, as they are among the largest promising economies in the Islamic world, comes within the framework of the two countries' determination to ensure the sustainability of growth and prosperity, and to develop and strengthen national economies, as both parties realize that the development of maritime transport between the two countries will contribute to consolidating trade and investment relations and strengthening Economic cooperation between them to achieve future aspirations.

This agreement will also be a catalyst for the flow of trade by taking advantage of the strategic location of the UAE, which is one of the pivotal maritime countries regionally and globally, and has a pivotal role in facilitating maritime trade at the global level, especially during the "Covid-19" pandemic.

On the importance of the agreement and what it provides to the two countries with benefits in various sectors, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “The comprehensive economic partnership agreement between the UAE and Indonesia is in line with the leadership’s vision of building bridges of communication and positive and constructive cooperation that aims to achieve progress and enhance development opportunities. Economic and social This agreement acquires additional importance as it contributes to the consolidation of economic, trade and investment relations between two of the largest and most ambitious economies in the Islamic world, and this agreement will have a direct impact on creating more opportunities for the business communities in the two countries, which in turn will advance the wheel of progress and growth. stability and prosperity, as well as creating beneficial opportunities for both countries, the region and the world.”

He added that the UAE always looks forward to positive, constructive partnerships and creating new opportunities in areas where it has competitive advantages, in addition to vital sectors and new industries that have promising prospects for growth, which the agreement will work to achieve.

Maryam bint Mohammed Saeed Hareb Al Muhairi, Minister of Climate Change and Environment, said: "The signing of the Comprehensive Economic Partnership Agreement between the UAE and Indonesia is part of the UAE's commitment, throughout its development path, to seek to create a more sustainable world and a better future for humanity, especially that the multiple benefits of this agreement will be positively reflected in many fields of interest. Importance such as agriculture, food security and the preservation of natural resources, and the exchange of knowledge and experiences will have a major role in the efforts of the two countries to confront the challenge of climate change and the lack of resources in light of the strategic cooperation between the two countries in the vital field of food security, where the UAE and Indonesia share many opportunities as they have advanced capabilities and infrastructure At the same time, they work to achieve goals related to food security and sustainability.

Al Muhairi added that the agreement contributes to achieving some of the basic pillars of the National Food Security Strategy 2051 by increasing reliance on modern technology and its application across the entire food chain in addition to expanding external sources of food, and with innovation considered a mainstay in the modern agricultural technology sector, the UAE is keen to explore All aspects of cooperation in this field and in return we have a lot of experiences that we can share.

- A new qualitative leap to strengthen relations in the digital infrastructure.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, said: "The comprehensive economic partnership agreement between the UAE and Indonesia represents a common platform to explore and build future opportunities in all areas of modern technology, and to discuss ways to effectively employ them in the digital transformation system in the two countries. It is a new qualitative leap to strengthen relations in the digital infrastructure and the future digital economy, and contribute to expanding the exchange of experiences and successful experiences between the two countries, and accelerating the employment of emerging technology in developing innovative solutions and services based on future technology.”

Al Olama added that the conclusion of this agreement reflects the UAE's keenness to continue partnership and cooperation to enhance its technological capabilities and leadership, and stimulate the growth of the digital economy and sectors of the future economy in general, within the framework of ambitious and clear strategic visions for the future.

Ahmed Ali Al Sayegh, Minister of State, said: "The conclusion of the Comprehensive Economic Partnership Agreement with Indonesia reflects the vision of the UAE on the importance of strengthening constructive cooperation and working to consolidate common interests, especially since the agreement heralds promising prospects that constitute a source of economic and technological strength for the entire Islamic world. It will contribute to promoting regional economic cooperation and prosperity in the Islamic world and the continent of Asia, through joint initiatives and strategic projects with an important developmental impact, including projects that stimulate economic growth, improve living standards, and create high-value and high-quality job opportunities, providing opportunity and hope for young people from By enabling them to build a future that serves them and their communities.”

Al-Sayegh added that the agreement and the resulting qualitative commercial and economic partnership and complementary relations between the two countries’ economies will stimulate joint growth in various sectors of common interest, at the heart of which is the financial sector. Companies and business communities in the two countries, in light of their common interest in modern technologies, digital transformation, and empowering innovators and entrepreneurs for a vibrant, more diversified, inclusive and sustainable economy.

Khalid Mohammed Balama, Governor of the Central Bank of the UAE, said: "The comprehensive economic partnership agreement between the UAE and Indonesia is an important step in consolidating joint ties between the two countries, as it supports bilateral trade, investment and opportunities that will contribute to enhancing competitiveness in both countries. The UAE aims to achieve growth sustainable in the long term by creating opportunities for joint ventures in important areas that support the growth of the economies of the two countries, particularly in the areas of financial technology, and advanced technologies in cross-border payments.”

"The comprehensive economic partnership agreement between the UAE and Indonesia will contribute to the development of a vibrant economy and enhance the prospects for global trade," he added.

Positive results in achieving sustainable economic growth.

Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority and member of the Executive Council of the Emirate of Abu Dhabi, said: "The comprehensive economic partnership agreement between the UAE and Indonesia is an important milestone in the course of relations between the two countries. Achieving sustainable economic growth, especially since the two countries enjoy diverse opportunities in many areas such as industry, advanced technology, infrastructure, food production and distribution, and renewable energy.”

Al Mubarak added: "The UAE's supportive business environment, strategic location, logistical capabilities and access to new markets in Africa and Europe offer unlimited prospects for Indonesian companies to expand. Therefore, we look forward to exploring areas of mutual benefit, accelerating economic growth and partnering in projects and ideas. It benefits both countries and achieves their common interests.”

Abdullah Al Basti, Secretary-General of the Executive Council of the Emirate of Dubai, said: "The signing of the Comprehensive Economic Partnership Agreement by the UAE and Indonesia is a qualitative leap in the process of constructive cooperation that brings them together, as they are among the most promising economies in the Islamic world. This agreement will consolidate the position of the UAE as a global center for trade. And a major gateway for the flow of goods, merchandise and services to the continents of Africa, Asia and Europe.

Al Basti added: “The UAE’s world-class infrastructure will allow companies in the two countries to find new partners and customers in the markets to which the UAE is connected by air, sea and land lines, with a population of more than one billion people.

In light of the UAE’s future march towards the next fifty years, the agreement will contribute to stimulating the growth of the sectors of the future economy based on knowledge and innovation by taking advantage of emerging and future technologies.”

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