Page 225 - MOE ENGLISH PR REPORT - OCTOBER 2024

10/29/24, 3:20 PM UAE-Vietnam CEPA marks substantial advancement within broader strategy to fortify Emirates' global economic partnerships: Mini…
growth-focused partners and securing mutually beneficial deals, the UAE's Comprehensive
Economic Partnership Programme helps expand our global investment portfolio and strengthens our
position as a leading hub for foreign direct investment."

Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, stated: "The
Comprehensive Economic Partnership Agreement between the UAE and Vietnam represents a

significant opportunity for both sides to collaborate on climate change, food security, and
environmental sustainability. Vietnam's robust agricultural sector, especially in rice, cashew,
coconut, spices, and dairy, coupled with the UAE's extensive global trade network, positions us to
address global food security challenges. Together, we will foster sustainable agriculture, optimise

food supply chains, and mitigate climate change impacts."

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said: "The Comprehensive
Economic Partnership Agreement between the UAE and Vietnam aligns with the nation's broader
foreign trade strategy, aiming to increase non-oil trade to AED4 trillion and non-oil exports to over
AED800 billion by 2031.The agreement solidifies Vietnam's status as the UAE's largest non-oil
trading partner within the ASEAN. It unlocks new avenues for cooperation in key sectors like food

production, apparel, textiles, machinery, and metals. Notably, non-oil bilateral trade surged 8.7% to
US$6.1 billion in the first half of 2024, with non-oil exports soaring 58.4% year-on-year."

Ahmed bin Ali Al-Sayegh, Minister of State, said: "The Comprehensive Economic Partnership
Agreements that the UAE continues to conclude highlight the country's approach to international

relations, which is based on mutual interest and joint growth. Our agreement with Vietnam marks
another important milestone in the UAE's foreign trade strategy, as Vietnam's robust export
economy - especially in textiles and agriculture - aligns with our global connectivity to secure
supply chains between East and West. By strengthening relations with Vietnam, we also enhance our
connections with ASEAN, a high-growth region that offers numerous opportunities for the private

sectors of both countries."

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), said: "The UAE's
cooperation with the Socialist Republic of Vietnam under the Comprehensive Economic Partnership
Agreement underscores the wise leadership's efforts and interest in economic diversification and
opening new horizons for exchanging expertise across various sectors, thereby enhancing the

country's competitiveness. This agreement aims to positively increase bilateral trade and
investments, which will contribute to economic growth and financial stability in the coming years.
We at the Central Bank of the UAE affirm our commitment to achieving these goals and ensuring
the financial frameworks that support all sectors."

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