U.A.E.-UK bilateral trade hits GBP12 billion two years early

Abu Dhabi (WAM): Figures released by the UK's Office for National Statistics on 31 October show that bilateral trade between the U.A.E. and UK reached GBP12.36bn (Dh72bn) in 2013. This means that the GBP12bn (Dh70bn) target for 2015, which the two governments set in 2009, has been met and surpassed two years ahead of the deadline. When the target was set in late 2009, bilateral trade stood at GBP7.5bn a year. So great strides have been made in a very short time. The increase has been achieved across a wide range of sectors including energy, financial and professional services, education, healthcare and infrastructure, as well as defence and aerospace. The U.A.E.-UK Business Council, which was created in 2011, took the lead in working towards this target. The Business Council's mission is to increase bilateral trade and investment, and to help and encourage UK companies do business in the U.A.E. and vice versa, and to identify opportunities for UK/U.A.E. cooperation in third markets. Commenting after the release of the figures, Ambassador Abdulrahman Ghanem Almutaiwee CVO, the U.A.E.'s Ambassador to the UK said, "The U.A.E. UK bilateral relationship has gone from strength to strength in the past years, this is only a building block to our longstanding relationship dated from the 1950's. Thanks to our ministers and the co-chairmen of the U.A.E.-UK business council, their hard work and efforts have assisted all parties in reaching our target of 12 billion before 2015. This success should motivate businesses in the U.A.E. and the UK to take advantage in exploring potential business opportunities and partnerships in the future." Mr Philip Parham, the British Ambassador to the U.A.E. commented, "I am delighted that we have already achieved our ambitious target of increasing bilateral UK-U.A.E. trade to GBP12 bn a year - two years ahead of schedule. This demonstrates the depth and breadth of the UK's relationship with the U.A.E., which became the tenth biggest export market for British goods in 2013. Emirati exports to the UK have also grown significantly. "But we should strive to boost trade and investment between the UK and U.A.E. even further. The British Government will work hard with the U.A.E. Government and the members of the UK-U.A.E. Business Council to achieve that. "The UK provides one of the most business-friendly environments in the world, which has been attracting major U.A.E. investments. Hundreds of British companies have established operations in the U.A.E., and we look forward to helping many more do business and set up in market through the recently launched British Centre for Business in Dubai with Abu Dhabi to follow next year. These investment ties create wealth for both countries, and in turn stimulate increasing levels of trade. We will continue to do all we can to encourage them." Samir Brikho, co-chair of the U.A.E.-UK Business Council said, "I am delighted that we have hit our 2015 trade and investment target in 2013. We must now recalibrate and set ourselves further challenging goals for 2015 and beyond. The U.A.E.-UK Business Council is proving to be a really dynamic engine for growth between our two countries." - Emirates News Agency, WAM – http://www.wam.ae/en/news/international/1395272359400.html