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various fields, serving as one of the key pillars supporting the bilateral ties. The UAE is
keen to expand the scope of the economic and trade cooperation with Iran to more
areas of shared interest, he said.

He stated, "The convening of the first session of the UAE-Iran JEC reflects our shared
aspirations to solidify existing economic ties and expand them to the future sectors.
These efforts are in line with the UAE wise leadership’s vision to strengthen the
country’s bilateral cooperation with global partners.”

Moreover, the Minister of Economy apprised the Iranian delegation of the economic
developments witnessed by the UAE’s business environment over the recent years.
Most notably, these include the amendments made to the Commercial Companies Law
to allow 100 per cent foreign ownership, modernisation of visa and residency systems
and introduction of self-employment and green residency pathways to enhance the
country’s attractiveness to talent, investors, employers and businesses.

He also reviewed the promulgation and introduction of new federal laws, including those
concerning family businesses, commercial agencies, cooperatives and trade through
modern technical means. These economic developments ensure a favourable climate
for various business models, thus promoting sustainable growth of the UAE economy.
Apart from these, the launch of initiatives designed to support the national economy’s
transition to a circular model, most notably the ‘UAE Circular Economy Policy 2031’,
were highlighted.

The inaugural UAE-Iran JEC session also discussed new mechanisms to enhance trade
exchanges and the key role played by the private sector in promoting economic
cooperation. The provision of all means of support to exporters and importers to
facilitate trade exchanges and the diversification of these goods and services; as well as
the opening of new communication channels between the two private sectors also
formed part of the discussions.

The two sides agreed to establish joint technical task forces to follow up on
implementing of the Committee's outputs, which outline economic and trade cooperation
in the immediate future. The JEC also agreed to provide various programs and facilities
to promote the growth of SMEs and support their exports in entering new markets.

Furthermore, the two sides explored the strengthening of cooperation and investment in
sectors and activities related to tourism, trade, traditional energy, renewable energy and
industry, R&D, institutional innovation, the exchange of knowledge in financial markets,
entrepreneurship, agriculture and aviation.

https://en.aletihad.ae/news/uae/4483186/uae--iran-hold-first-session-of-joint-economic-
committee-to