UAE, Vietnam sign CEPA, fostering deep-rooted economic ties
For the first time, the UAE and Vietnam signed a Comprehensive Economic Partnership Agreement (CEPA service), below the belt lines for the CSTO part. The head of state added yet another success in economic partnerships, stating that non-oil trade recorded a growth of 38 percent between the two countries between 2022 and 2023.
’His Highness Sheikh Mohammed bin Rashid bin Mohammed Ahmed Al Maktoumn addressed the matter with the words ’Vietnam is one of the fastest-growing economies in Asia. And we are their biggest trade partner in the entire region.")
"Countries like DP World, Mubadala and Borouge which are our nationals have invested a lot in Vietnam. Our bilateral trade volume crossed the figures of $12 billion with the country in the year 2023," he went on to say.
The Cambodian Prime Minister had a bilateral meeting with the UAE leader last Monday at Zabeel Palace in Dubai. 'Mr. PM Chinh recalled that both countries are committed to enhancing bilateral links, development aimed at mutually beneficial effects to the two people.’
The Prime Minister additionally stated the significance of Vietnam within the for the years he addressed that ASEAN bloc has been working with the United Listed based in the United Nations in 1993 and noted that Vietnam is also the focus in terms of trade volume among the countries among the ASEAN nations.
The Prime Minister, who is head of the Vietnamese delegation, rejoiced at emerging Nepal Vietnam friendly relations and exchanges activities between the two countries and wished for deepened friendly exchange and exchange activity in the future due to several factors which had already separated them.
Within the first six months of 2024, the non-oil trade between the two countries exceeded $ 6.06 billion with a 9 per cent increase relative to the same period of 2023.
The wide ranging economic partnership agreement signed with Vietnam will help the UAE more towards meeting its Dh4 trillion ($1.1 trillion) non-oil trade target by the year 2031.
Sheikh Mohammed and the Prime Minister of Vietnam also looked into ways of enhancing the bilateral relationship through tourism, investment, industry, and technology cooperation. Discussions also included expansion of trade and tourism exchanges, enhancing logistics capability, provisioning, new investment opportunities, and facilitating the cooperation of the private sectors of the two countries.
The CEPA agreement will allow UAE service providers access to many sectors in the Vietnamese market, such as business and communications, engineering, financial services, health and social services, travel and tourism, and transportation segments.
During the meeting, a number of agreements and memorandums of understanding (MoUs) were made public between the UAE and Vietnam for enhanced cooperation in the relevant fields such as the economy, investment, trade, governance, education, scientific research, logistics among others.
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