UAE And Iran Launch First Joint Economic Committee To Enhance Cooperation

The inaugural session of the Joint Economic Committee (JEC) between the United Arab Emirates (UAE) and the Islamic Republic of Iran recently took place in Abu Dhabi, marking a significant step towards enhancing bilateral economic relations. The session was co-chaired by Eng. Abdullah bin Touq Al Marri, UAE Minister of Economy, and Dr. Mehrdad Bazrpash, Iranian Minister of Road and Urban Development. This high-level meeting saw the participation of numerous government officials from both nations, focusing on a broad spectrum of economic sectors including the new economy, tourism, transport, entrepreneurship, energy and renewable energy, SMEs, innovation, logistics, agriculture, and environment.

During this pivotal session, both parties discussed strategies to bolster joint efforts aimed at elevating their economic ties. Eng. Bin Touq emphasized the growing economic partnership between the UAE and Iran across various sectors as a cornerstone of their bilateral relationship. He expressed the UAE's eagerness to broaden economic and trade cooperation with Iran into more areas of mutual interest. "The convening of the first session of the UAE-Iran JEC reflects our shared aspirations to solidify existing economic ties and expand them to future sectors," he stated, aligning with the UAE's leadership vision for enhanced global bilateral cooperation.

Furthermore, Eng. Bin Touq briefed the Iranian delegation on recent economic developments within the UAE's business landscape. Notable advancements include amendments to the Commercial Companies Law allowing 100 percent foreign ownership, modernization of visa and residency systems, and the introduction of self-employment and green residency pathways. These changes aim to attract talent, investors, employers, and businesses by creating a favourable climate for various business models and promoting sustainable economic growth.

The session also highlighted initiatives supporting the transition to a circular economy model in the UAE, particularly the 'UAE Circular Economy Policy 2031'. Discussions extended to new mechanisms for enhancing trade exchanges and the pivotal role of the private sector in fostering economic cooperation. Both sides agreed on establishing joint technical task forces to oversee the implementation of the Committee's outcomes and to provide programs and facilities that support SME growth and facilitate their entry into new markets.

In addition to exploring ways to strengthen cooperation in tourism, trade, traditional and renewable energy sectors, R&D, institutional innovation, financial market knowledge exchange, entrepreneurship, agriculture, and aviation were also on the agenda. This comprehensive approach underscores a mutual commitment to diversifying goods and services while opening new communication channels between the private sectors of both countries.

The establishment of joint technical task forces is a testament to both nations' dedication to realizing the potential outlined during this inaugural JEC session. By focusing on shared interests and leveraging each other's strengths, the UAE and Iran are poised to unlock new opportunities for economic growth and cooperation in an array of sectors.

With inputs from WAM