ID :
26034
Wed, 10/22/2008 - 16:09
Auther :
Shortlink :
https://oananews.org//node/26034
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Lubna Al Qasimi receives French Minister
Abu Dhabi, Oct 22, 2008 (WAM) - UAE Minister of Foreign Trade, Sheikha Lubna Al Qasimi, yesterday received a French delegation headed by French Minister of State, Anne-Marie Idrac and discussed with her ways to boost strategic and economic ties between the two countries to cross the current $6.3 billion bilateral trade level. They also discussed ways to expedite the signing of a vital free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and the European Union (EU).
The visit was part of a four-day tour of key GCC countries that started October 19, 2008 and will be wrapped up on October 22, 2008. The tour took the minister and her delegation to the Kingdom of Saudi Arabia, Qatar, the UAE and Oman.
France will capitalise on its current presidency of the EU to broker a faster conclusion to the rounds of talks that will lead to the eventual signing of a GCC-EU FTA. Minister Idrac has already met with the Secretary General of the GCC and will discuss matters related to this goal with the foreign and trade ministers of all the four countries.
The FTA is of prime importance as trade level between both economic blocs have doubled in the past five years and currently stands at more than $141 billion. The GCC is Europe's sixth largest export market, while the EU is the GCC's first trade partner.
"As one of the world's top import and export destinations, France is a vital ally in our quest for sustainable growth. The visit of H.E. Idrac is an affirmation of our mutual commitment to higher levels of collaboration in areas which we believe are crucial to national development. It also reflects the Ministry's eagerness to expand its international economic relations with France and with the broader European Union with which we, as a primary member of the Gulf Cooperation Council, hope to secure a vital free trade agreement with in the near future," said Sheikha Lubna.
Minister Idrac is being accompanied by Philippe Favre, Ambassador-at-large for international investments and President of the Invest in France Agency (IFA), who will promote France as a favourable investment destination for Gulf countries. Other officials forming the French delegation include Jean-Louis Bernard, Member of the French Parliament and Deputy Chairman of the UAE-France Friendship Committee; Alain Cousin, Member of the French Parliament and Chairman of Ubifrance; and Nicolas Wawreski, Economic Counselor of the Cabinet of the Minster of State for Foreign Trade.
The French Minister will also formally launch the regional IFA office which began operations on September 1, 2008. The office will focus on enhancing coordination between institutional French executives receiving request from Gulf clients; developing a privileged relation with local investors to orient their investments towards France; and promoting investment opportunities in France complementing the specific needs and expectations of Gulf organizations.
The French delegation will meet officials overseeing major infrastructural projects, including the President of the Abu Dhabi Transport Department and the Chairman of the Roads and Transport Authority in Dubai. They will also interact with leading local businessmen and discuss key developments such as the UAE electronuclear project, the inter-emirates railway, and Dubai's new metro project.
A high-ranking commercial team from the French group also met with H.E. Sheikha Lubna on the sidelines of today's meeting during which the UAE official provided an overview of the national economy and the local opportunities available to French investors.
"We are overwhelmed by the warm reception extended by H.E. Sheikha Lubna and the genuine interest expressed by UAE investors in France's own business prospects, especially in the real estate field. We hope that UAE officials, investors and business interests would visit our country soon as well, so that we can reciprocate the gesture. This has truly been a productive movement towards our enhanced relations," the French Minister added.
UAE import from France rose 11 per cent between 2003 and 2007, while re-exports from the European nation also grew 31 per cent during the same period.
Import represents about 80 per cent of the UAE-French trade, while export and re-export to France represent about 20. Last January 2008, both countries signed several agreements to further expand economic relations, a highlight of which was a framework for cooperation on the evaluation and potential use of nuclear energy for peaceful purposes. Among the other areas covered by the accords are basic and applied research, water desalination, agronomy, medicine, earth sciences and industry.
France and the UAE have inked several Memoranda of Understanding ranging from intellectual property rights to transport and education. The two nations share similarities in their economic structure, as they are both dependent on the services and industry sectors. They are also strong performers in the World Trade Organization's latest list of top 30 trading companies in the world.
France's recent assumption of the EU Presidency is perceived by many quarters as an opportunity for the UAE to collaborate with France on the former's enhanced presence in the European trade and economic arena.
The visit was part of a four-day tour of key GCC countries that started October 19, 2008 and will be wrapped up on October 22, 2008. The tour took the minister and her delegation to the Kingdom of Saudi Arabia, Qatar, the UAE and Oman.
France will capitalise on its current presidency of the EU to broker a faster conclusion to the rounds of talks that will lead to the eventual signing of a GCC-EU FTA. Minister Idrac has already met with the Secretary General of the GCC and will discuss matters related to this goal with the foreign and trade ministers of all the four countries.
The FTA is of prime importance as trade level between both economic blocs have doubled in the past five years and currently stands at more than $141 billion. The GCC is Europe's sixth largest export market, while the EU is the GCC's first trade partner.
"As one of the world's top import and export destinations, France is a vital ally in our quest for sustainable growth. The visit of H.E. Idrac is an affirmation of our mutual commitment to higher levels of collaboration in areas which we believe are crucial to national development. It also reflects the Ministry's eagerness to expand its international economic relations with France and with the broader European Union with which we, as a primary member of the Gulf Cooperation Council, hope to secure a vital free trade agreement with in the near future," said Sheikha Lubna.
Minister Idrac is being accompanied by Philippe Favre, Ambassador-at-large for international investments and President of the Invest in France Agency (IFA), who will promote France as a favourable investment destination for Gulf countries. Other officials forming the French delegation include Jean-Louis Bernard, Member of the French Parliament and Deputy Chairman of the UAE-France Friendship Committee; Alain Cousin, Member of the French Parliament and Chairman of Ubifrance; and Nicolas Wawreski, Economic Counselor of the Cabinet of the Minster of State for Foreign Trade.
The French Minister will also formally launch the regional IFA office which began operations on September 1, 2008. The office will focus on enhancing coordination between institutional French executives receiving request from Gulf clients; developing a privileged relation with local investors to orient their investments towards France; and promoting investment opportunities in France complementing the specific needs and expectations of Gulf organizations.
The French delegation will meet officials overseeing major infrastructural projects, including the President of the Abu Dhabi Transport Department and the Chairman of the Roads and Transport Authority in Dubai. They will also interact with leading local businessmen and discuss key developments such as the UAE electronuclear project, the inter-emirates railway, and Dubai's new metro project.
A high-ranking commercial team from the French group also met with H.E. Sheikha Lubna on the sidelines of today's meeting during which the UAE official provided an overview of the national economy and the local opportunities available to French investors.
"We are overwhelmed by the warm reception extended by H.E. Sheikha Lubna and the genuine interest expressed by UAE investors in France's own business prospects, especially in the real estate field. We hope that UAE officials, investors and business interests would visit our country soon as well, so that we can reciprocate the gesture. This has truly been a productive movement towards our enhanced relations," the French Minister added.
UAE import from France rose 11 per cent between 2003 and 2007, while re-exports from the European nation also grew 31 per cent during the same period.
Import represents about 80 per cent of the UAE-French trade, while export and re-export to France represent about 20. Last January 2008, both countries signed several agreements to further expand economic relations, a highlight of which was a framework for cooperation on the evaluation and potential use of nuclear energy for peaceful purposes. Among the other areas covered by the accords are basic and applied research, water desalination, agronomy, medicine, earth sciences and industry.
France and the UAE have inked several Memoranda of Understanding ranging from intellectual property rights to transport and education. The two nations share similarities in their economic structure, as they are both dependent on the services and industry sectors. They are also strong performers in the World Trade Organization's latest list of top 30 trading companies in the world.
France's recent assumption of the EU Presidency is perceived by many quarters as an opportunity for the UAE to collaborate with France on the former's enhanced presence in the European trade and economic arena.
