Jakarta, Indonesia – UAE and ASEAN bloc leaders have discussed trade, investment opportunities, and also explored key issues of global trade.
Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, held meetings with prime ministers, ministers and senior government officials from across the region while leading a UAE delegation to Jakarta, Indonesia, the host of ASEAN Business and Investment Summit.
According to Al Zeyoudi, the ASEAN bloc represented 5.2 percent of the UAE’s total non-oil foreign trade in 2022, reaching US$32.2 million.
He met with Indonesian ministers as they reviewed the UAE-Indonesia Comprehensive Economic Partnership Agreement, which came into force on 1st September 2023.
Both sides agreed to work in unison to ensure they deliver on the projection of US$10 billion in bilateral non-oil trade within five years.
The broader UAE-ASEAN relationship, which was cemented in 2022 with the UAE’s signing of the ASEAN’s Treaty of Amity and Cooperation in South-east Asia, was discussed during Dr Thani’s meeting with ASEAN Secretary-General Dr. Kao Kim Hourn, and Deputy Secretary-General Satvinder Singh.
They reviewed the recently revealed trade figures for H1 2023, which showed that the UAE and ASEAN shared US$15.3 billion in trade, a 2% increase on H1 2022, and restated their commitment to fostering greater economic collaboration.
Al Zeyoudi also met with officials of KADIN, the Indonesia Chamber of Commerce, to enhance private-sector collaboration in priority sectors and accelerate bilateral trade flows.
The sectors with most potential for trade and investment were identified as agriculture, energy, logistics, tourism and the Islamic economy.
Al Zeyoudi held talks with Cham Nimul, Minister of Commerce for Cambodia, with whom the UAE signed a CEPA in June this year.
They discussed timelines for the implementation process and optimizing opportunities created by the deal.
Al Zeyoudi reviewed negotiations towards Malaysia’s CEPA with the UAE as he met Tengku Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry for Malaysia.
Also, Al Zeyoudi and ASEAN chief Kao Kim Hourn restated their commitment to fostering greater economic collaboration.