UAE and Estonia strengthen trade relations
- 27 Apr 2024
Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, held talks with Tiit Riisalo, Estonia’s Minister of Economic Affairs and Information Technology, in the UAE on Saturday to further develop the trade and investment relationship between the two nations.
The discussions centred on identifying sectors of particular promise, with a focus on increased collaboration in digitisation, advanced technologies, AI and health-tech.
In 2023, bilateral trade between the UAE and Estonia increased by 76.2 per cent, reaching a total value of $176.3 million compared to $100.1 million in 2022.
The meeting between Al Zeyoudi and Riisalo provided an opportunity to discuss how to build on this momentum and reaffirm both nations’ commitment to stronger, deeper economic ties and to open, rules-based trade. Both parties expressed their satisfaction with the bilateral trade volumes and pledged to explore new avenues for collaboration to capitalize on the growing interest in each other’s markets.
Key areas of discussion included exploring opportunities for diversification of trade products and sectors, enhancing trade facilitation measures, and fostering closer cooperation, not only in advanced technology but also food security and sustainable development.
Al Zeyoudi stated, “Estonia is an EU country with significant potential for the UAE, with an economy projected to return to robust growth in the coming years. This is reflected in increasing bilateral trade flows in 2023, and we see many mutually beneficial opportunities to expand on these numbers and establish wider collaboration in areas such as AI, digital healthcare and food security. The UAE is committed to providing a conducive business environment to facilitate trade opportunities for Estonian businesses seeking to leverage the UAE’s connectivity and logistics infrastructure to expand to markets in the Arab world, Asia and Africa. We believe we can support each other’s economic ambitions in the years ahead.” Riisalo expressed his appreciation for the UAE’s efforts in promoting bilateral trade and welcomed the opportunity to deepen cooperation between the two nations. He emphasised Estonia’s strengths in areas such as digital innovation, e-commerce, and clean technology, which present promising avenues for collaboration with the UAE.
The meeting concluded with both parties expressing optimism about the future of bilateral trade relations and agreeing to work closely together to unlock new opportunities for economic growth and prosperity.
Al Zeyoudi and Riisalo reiterated their commitment to fostering a strong and enduring partnership that benefits businesses and citizens of both nations.
in February 2024, the Ministry of Climate Change and Environment (MoCCAE) signed a memorandum of understanding (MoU) with the Ministries of Climate and Regional Affairs and Agriculture of the Republic of Estonia today. This agreement aims to strengthen joint efforts in managing food resources and embrace technology-driven solutions in these critical areas.
The signing ceremony took place at the headquarters of MoCCAE, and the MoU was signed by Dr. Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and the Environment, and Madis Kallas, Minister of Regional Affairs and Agriculture, who also represented the Ministry of Climate of the Republic of Estonia.
The MoU marks a significant milestone in the collaborative efforts of the three entities to strengthen food security, and positively contribute to the economies of both countries. This partnership will leverage advanced technical solutions to sustainably manage natural resources, addressing environmental and climate challenges.
Dr. Al Dahak said, “In the UAE, we aim to deepen partnerships with nations on shared issues, particularly in food, which are our top priorities. This commitment drives us to adopt cutting-edge technologies, efficiently manage resources to align with our goal of reducing carbon emissions and promote a new economy that facilitates a sustainable future.” She added, “We believe that working together is crucial for finding effective solutions. By collaborating with Estonia and other countries, we aim to develop innovative solutions to strengthen global food security. Sharing knowledge and technology is vital for this endeavour and can have a positive impact on the future of both the UAE and the world.” The MoU seeks to promote sustainable food systems by focusing on reducing waste, promoting digital solutions in agriculture, and leveraging advanced technology for increased productivity. Additionally, it addresses food safety, and improving crisis management and disaster response capabilities.
