Page 906 - MOE ENGLISH PR - MAY 2024

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,
modernization 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; and 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 the
implementation 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://www.msn.com/en-ae/news/other/uae-iran-hold-first-session-of-joint-economic-
committee-to-promote-cooperation-in-new-economy-sectors/ar-AA1o21GF?ocid=BingNewsSerp