UAE to strengthen ties with Italy

Business Bureau, Gulf Today

Following the UAE Ministry of Finance’s efforts to strengthen cooperation with EU member states, Obaid Humaid Al Tayer, Minister of State for Financial Affairs met with Giovanni Tria, Minister of Finance of Italy during the Ministry’s visit to the Duchy of Luxembourg.

Obaid Humaid Al Tayer noted that UAE’s imports from the EU amounted to $60 billion, while EU imports from the UAE grossed only $4 billion, including re-exports.

He said: “This meeting provided an important platform to discuss mutual investments, and the exchange of information for tax purposes, while considering the strong relations we have with the EU with the previous signing of the two agreements on the avoidance of double taxation and investment protection and promotion between the UAE and Italy. These agreement support trade and investment cooperation between the two parties.”

Giovanni Tria valued the UAE’s effort to consolidate bilateral relations with the EU and reaffirmed his continued support to strengthen bilateral relations between the two parties.

The meeting also addressed the partnership between the UAE and EU countries, as well as the importance of bolstering bilateral relations in areas of mutual interest, particularly in trade.

Last December, Obaid Humaid Al Tayer met Giovanni Tria, to discuss economic, commercial and investment cooperation, and ways to enhance relations between the two countries. Italy is the UAE’s third largest trading partner among European countries.

Last year Obaid Humaid Al Tayer received Pierre Gramegna, Luxembourg’s Minister of Finance during his visit to the UAE. During the meeting, the two parties discussed mutual relations and cooperation in fields of Islamic economy, in addition to a number of topics such as financing and banking activities, Fintech and DTA applications.