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UAE, Japan to sign MoU on establishing joint business council

UAE, Japan to sign MoU on establishing joint business council

The formation of the council is aimed at developing joint projects and exchange expertise

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The UAE and Japan have agreed to establish a joint business council to promote cooperation.

The Federation of UAE Chambers of Commerce and Industry (FCCI) and Japan External Trade Organisation in Dubai (JETRO Dubai) have agreed on creating a UAE-Japan business council to promote visits between the business communities in both countries. The two sides agreed on signing an MoU for setting up the proposed council by Q1 2023.

The formation of the council is aimed at developing joint projects and exchange expertise. This came during a meeting between Humaid Mohammed bin Salem, Secretary General of FCCI, and Masami Ando, managing director of JETRO Dubai, in the presence of officials from both sides, official news agency WAM reported.

The UAE secured 40.1 per cent of Japan’s crude oil needs in October this year, equalling 33.99 million barrels, according to the Agency for Natural Resources and Energy in Tokyo.

The amount of crude that imported by the East Asian country during that month amounted to 84.58 million barrels, of which 80.10 million barrels, or 94.7 per cent, originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman, the agency, which is part of the Japanese Ministry of Economy, Trade and Industry, said.

Oil remains the most significant energy source in Japan, accounting for about 40 per cent of the country’s total energy supply, according to the International Energy Agency.

Earlier this year, Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, held series of high-level meetings with senior Japanese government and business leaders. During the meetings, Dr Al Jaber  reinforced the UAE’s commitment to Japan’s energy security and said the country will continue to ensure reliable supplies of crude oil and liquiefied natural gas (LNG) to Japan.

Read: UAE and Japan strengthen bilateral ties in various sectors

Meanwhile, UAE citizens were granted the permission to travel to Japan without the need to obtain a prior visa, starting November 1.

Read: Emiratis can travel to Japan without a visa from November 1

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