UAE, Japan ink 23 agreements, MoUs during business forum

The UAE and Japan signed 23 agreements and memoranda of understanding (MoUs) during the UAE-Japan Business Forum, held on July 17.

The agreements aim to bolster economic, trade and investment ties between the two countries in the fields of energy, industry, advanced technology, artificial intelligence, space, health, transport, environmental conservation and circular economy, reported the state news agency, WAM.

The  signings took place in the presence of Sheikh Hamed bin Zayed Al Nahyan, Member of Abu Dhabi Executive Council, and Japanese Prime Minister Fumio Kishida. The Japanese PM is in the UAE on an official visit.

The forum was attended by Abdullah bin Touq Al Marri, Minister of Economy; Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and other dignitaries.

During his keynote, Al Marri highlighted the long-standing historical ties and strategic partnership between the UAE and Japan, noting that this official visit is a key opportunity to expand the UAE-Japan comprehensive strategic partnership, building on the leading model of cooperation that the two countries have established throughout the past five decades.

The Emirati and Japanese delegations discussed the cooperation in establishing and enabling more partnerships in new economy sectors considered drivers of sustainable development in the two countries, WAM reported.

#UAE, #Japan sign 23 agreements, MoUs during UAE-Japan Business Forum#WamNews https://t.co/INeexdx5j5 pic.twitter.com/t0K8ywbnYo

— WAM English (@WAMNEWS_ENG) July 17, 2023

In other news, Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the UAE and Japan enjoy strong and growing trade relations based on a long history of friendship and cooperation, aided by their leaderships’ support, which is reflected by mutual official visits, including the current official visit of PM Kishida.

In a statement to WAM, Al Zeyoudi highlighted the growing non-oil bilateral trade between the two countries, valued at $14.7bn in 2022, a 10 per cent increase compared to 2021.

#UAE and #Japan continue strengthening strategic ties: Thani Al Zeyoudi #WamNews https://t.co/aTH7pp8oTA pic.twitter.com/wxlKzzWVhw

— WAM English (@WAMNEWS_ENG) July 17, 2023

Non-oil trade between UAE and Japan

Non-oil trade between the countries grew by 36 per cent over the past two years from 2020 to 2022, rising from Dhs39.9bn to Dhs54.1bn in 2022, according to data from the Federal Competitiveness and Statistics Centre.

This rise in non-oil trade reflects the strong partnership and economic cooperation between the two countries.

In terms of foreign trade distribution between the two countries in 2022, re-exports totalled Dhs3.4bn, non-oil exports amounted to Dhs6.5bn and imports reached Dhs44.1bn.

Cars topped the list of top five commodities re-exported to Japan in 2022, with a value of Dhs1.3bn, followed by car devices and supplies valued at Dhs417m, then pneumatic tyres valued at Dhs274m. Jewellery and ornaments amounted to Dhs150m, followed by precious metal scraps at Dhs105m.

In terms of exports from the UAE, raw aluminium ranked first among the top five commodities, with a value of Dhs3.9 bn, followed by mineral oils valued at Dhs991m, centrifugal filter devices at Dhs613m, copper valued at Dhs404m, and polypropylene polymers at Dhs143m.

The top five commodities that the UAE imported in 2022 included cars, which headed the list with a value of Dhs20.08bn, followed by car parts and accessories valued at Dhs4.3bn, iron at Dhs1.3bn, communication devices and equipment at Dhs1.1bn, and printing equipment at Dhs1.07bn.