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Due to the US tariffs in the European Union and the United Arab Emirates, countries have started trade discussions as the countries continue to search alternative markets.
During a call on Thursday, European Commission president Ursula von der lane agreed to the request of the United Arab Emirates President Sheikh Mohammed bin Zayed al-Nahayan.
“The United Arab Emirates has shared a strong and chronic relationship with the European Union and its member states and today we have agreed to launch a broad economic partnership agreement with the EU,” Sheikh Mohammed said in a post.
“Through this agreement we have aimed to deepen bilateral relations and promote economic growth for our country and human benefits,” he added.
Earlier this month, President Donald Trump said he would hit both the EU and the United Arab Emirates with the so -called “mutual tariff” of 20 percent and 10 percent respectively. He has since then paused for 90 days to allow the negotiations.
The United Arab Emirates, one of the top ten oil producers in the world, has been pressing the EU for some time, but Brussels hoped that the Gulf Cooperation would hit one with the Council, a member of the United Arab Emirates.
The United Arab Emirates has followed dozens of bilateral trade agreements in recent years, keeping the GCC slow dynamic members like Saudi Arabia and Qatar. Although the EU and GCC started discussing a free trade agreement in 1, the discussion was postponed in the 21st.
The Emirates State media reported last month that the United Arab Emirates has started working on 26 extensive economic partnership agreements since 2021, of which six formally “have been implemented”. However, as its second largest global business partner, in 2021, the bilateral trade outside of oil is a special important goal for the United Arab Emirates, including $ 67.6 billion.
The EU imports mining products and produced products from the UAE and sells machinery, transport equipment and chemicals.
Abu Dhabi Energy Companies and Sovereign Funds have invested a lot in Europe from a large chemical group in Germany, from Spain’s solar farm and Greece’s renewable power company.
The Commission said in a statement, “As a result of the upcoming discussion, the trade, services and investment trade will be focused on liberalization, while renewable power, green hydrogen and critical raw materials, while deepening the strategic sector,” said in a statement.
