UAE And Estonia Commit To Strengthening Bilateral Trade, Eyeing Digitisation And AI

In a significant step towards bolstering economic ties, Dr. Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, engaged in pivotal discussions with Tiit Riisalo, Estonia’s Minister of Economic Affairs and Information Technology. The meeting, held in the UAE, aimed at enhancing the trade and investment relationship between the two countries. A primary focus was placed on digitisation, advanced technologies, AI, and health-tech as sectors ripe for increased collaboration.

The talks come against the backdrop of a remarkable surge in bilateral trade between the UAE and Estonia. In 2023, trade volumes soared by 76.2 percent to reach a total value of $176.3 million, up from $100.1 million in 2022. This significant growth underscores the potential for further economic engagement and sets the stage for deeper cooperation.

Both Al Zeyoudi and Riisalo explored various strategies to capitalize on this upward trajectory. They committed to strengthening economic ties and promoting open, rules-based trade. The discussions also covered diversification of trade products and sectors, enhancing trade facilitation measures, and fostering closer cooperation in not only technology but also food security and sustainable development.

Al Zeyoudi highlighted Estonia's potential as an EU country poised for robust economic growth. He emphasized the UAE's commitment to creating a business-friendly environment to support Estonian enterprises looking to expand into markets across the Arab world, Asia, and Africa. "We see many mutually beneficial opportunities to expand on these numbers and establish wider collaboration in areas such as AI, digital healthcare, and food security," Al Zeyoudi remarked.

Riisalo expressed appreciation for the UAE's efforts in promoting bilateral trade and welcomed the opportunity to deepen cooperation between the two nations. He pointed out Estonia's strengths in digital innovation, e-commerce, and clean technology as promising avenues for collaboration with the UAE.

The meeting concluded on a note of optimism, with both parties expressing confidence in the future of UAE-Estonia economic relations. Al Zeyoudi and Riisalo reiterated their commitment to fostering a strong partnership that benefits both nations' businesses and citizens, promising to work closely together to unlock new opportunities for growth and prosperity.

With inputs from WAM