Sharjah24 - WAM: UAE government ministers and officials, alongside top executives from local entities, have underscored the importance of the Comprehensive Economic Partnership Agreement (CEPA) with the Socialist Republic of Vietnam. They have noted that this CEPA marks a substantial advancement within the UAE's broader strategy to fortify its global economic partnerships. Vietnam, recognised as a strategic partner and a leading economic power in Asia, is a key component of this endeavour.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said: "With the signing of the Comprehensive Economic Partnership Agreement between the UAE and Vietnam, we are opening new paths for economic cooperation that will benefit both countries. By removing trade barriers and improving market access, this agreement will not only boost bilateral trade but also create new investment opportunities, supporting growth, diversification, and solidifying our position as a global hub for trade and investment."
Suhail bin Mohammed Faraj Al Mazrouei, Minister of Energy and Infrastructure, stated: “The Comprehensive Economic Partnership Agreement with Vietnam opens new horizons for joint cooperation in the energy and infrastructure sectors, which are key sectors for long-term development for both countries. Vietnam’s growing renewable energy sector offers significant opportunities for UAE expertise and investments, as in 2023, the country produced 69% of the total solar and wind energy generated by ASEAN nations, highlighting its importance for the region's energy transition ambitions.”
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “The Comprehensive Economic Partnership Agreement between the UAE and Vietnam aligns with the UAE leadership’s vision of enhancing communication and cooperation and expanding global partnerships. It contributes to economic diversification and growth, expanding the UAE’s network of trade and investment partners worldwide. This agreement also enhances the access of UAE industrial exports to Vietnam and ASEAN countries, which consist of 10 nations, supporting the goals of the National Strategy for Industry and Advanced Technology, Operation 300bn.”
Abdulla Bin Touq Al Marri, Minister of Economy, said: "The UAE and Southeast Asia share many common interests. We understand the role of trade in economic prosperity, the transformative power of technology, and the importance of expanding the services sector as a key to growth and economic resilience. Through the Comprehensive Economic Partnership Agreement with Vietnam, our largest trading partner in the region, we can strengthen alignment between our economies and seize new opportunities in priority industries, from food security to manufacturing and logistics. With Vietnam’s GDP reaching $470 billion this year and its annual growth projected at 6% for 2025 and beyond, the Southeast Asian country offers significant potential for our exporters and investors – and this agreement aims to establish platforms and pathways to unlock that potential."
Mohamed Hassan Al Suwaidi, Minister of Investment, said: “The Comprehensive Economic Partnership Agreement between the UAE and Vietnam marks the beginning of a new era in investment relations between the two countries. Vietnam’s rapid economic growth and strategic location in Southeast Asia make it an ideal destination for UAE capital, especially as we seek impactful opportunities in sectors such as infrastructure, industry, and logistics. By identifying growth-focused partners and securing mutually beneficial deals, the UAE’s Comprehensive Economic Partnership Programme helps expand our global investment portfolio and strengthens our position as a leading hub for foreign direct investment.”
Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, stated: “The Comprehensive Economic Partnership Agreement between the UAE and Vietnam represents a significant opportunity for both sides to collaborate on climate change, food security, and environmental sustainability. Vietnam's robust agricultural sector, especially in rice, cashew, coconut, spices, and dairy, coupled with the UAE's extensive global trade network, positions us to address global food security challenges. Together, we will foster sustainable agriculture, optimise food supply chains, and mitigate climate change impacts.”
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: “The Comprehensive Economic Partnership Agreement between the UAE and Vietnam aligns with the nation's broader foreign trade strategy, aiming to increase non-oil trade to AED4 trillion and non-oil exports to over AED800 billion by 2031.The agreement solidifies Vietnam's status as the UAE's largest non-oil trading partner within the ASEAN. It unlocks new avenues for cooperation in key sectors like food production, apparel, textiles, machinery, and metals. Notably, non-oil bilateral trade surged 8.7% to US$6.1 billion in the first half of 2024, with non-oil exports soaring 58.4% year-on-year."
Ahmed bin Ali Al-Sayegh, Minister of State, said: "The Comprehensive Economic Partnership Agreements that the UAE continues to conclude highlight the country's approach to international relations, which is based on mutual interest and joint growth. Our agreement with Vietnam marks another important milestone in the UAE's foreign trade strategy, as Vietnam's robust export economy — especially in textiles and agriculture — aligns with our global connectivity to secure supply chains between East and West. By strengthening relations with Vietnam, we also enhance our connections with ASEAN, a high-growth region that offers numerous opportunities for the private sectors of both countries."
Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), said: "The UAE's cooperation with the Socialist Republic of Vietnam under the Comprehensive Economic Partnership Agreement underscores the wise leadership's efforts and interest in economic diversification and opening new horizons for exchanging expertise across various sectors, thereby enhancing the country’s competitiveness. This agreement aims to positively increase bilateral trade and investments, which will contribute to economic growth and financial stability in the coming years. We at the Central Bank of the UAE affirm our commitment to achieving these goals and ensuring the financial frameworks that support all sectors."
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