HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE, held meetings with HE Zhang Hua, China’s Ambassador to the UAE, and Argentinean Ambassador to the UAE, HE Ruben Eduardo Caro.
HE discussed the latest developments in economic and investment relations and opportunities for future cooperation between the UAE and China and Argentina.
The meetings, which took place at the Ministry of Finance’s (MoF) premises in Abu Dhabi, were attended by HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, as well as Ministry specialists and the Ambassadors’ delegations.
During the meeting with the Chinese Ambassador, HE Obaid Humaid Al Tayer highlighted the strength of the UAE and China’s economic relations and the mutual investment opportunities that both countries’ markets offer. Federal government and local government entities are keen to provide various economic and administrative facilities to support Chinese investments within the UAE and China is one of the UAE’s leading trading partners across various sectors.
The UAE signed double taxation avoidance agreements and treaties for the protection and promotion of investments with China in 1993, which has played a major role in the growth of trade ties between the two countries. Trade between China and the UAE increased to $55 billion in 2014 due to these agreements and 4,000 Chinese companies are now licensed in the UAE.
Both parties reviewed the public’s perception of the Asian Infrastructure Investment Bank, and its role in supplementing the activities and operations of the World Bank. HE Obaid Humaid Al Tayer highlighted that the UAE was keen to become a founding member of the Bank and now holds a permanent seat on the Board of Governors. The Chinese Ambassador stressed that the bank will begin its work at the end of this year from its headquarters in Beijing.
HE the Minister of State for Financial Affairs and the Ambassador of China negotiated the latest updates on the Free Zone agreement between the GCC and China. They discussed China’s New Silk Road Initiative, and the project meeting which the UAE has been invited to attend, representing the GCC Customs Union and its relevant authorities.
During his meeting with the Ambassador of Argentina, HE Obaid Humaid Al Tayer highlighted the importance of the visit made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President, Prime Minister and Ruler of Dubai to Argentina last year. The visit confirmed the UAE’s interest in building economic relations and sustainable investments between the two countries. As such, it is now crucial for MoF to develop a strategy to strengthen the ability of UAE investors to expand their presence in the Argentinian market and tap into new opportunities, especially given Argentina’s variety of natural resources.
During the meeting, HE Obaid Humaid Al Tayer stressed the need to conclude the rounds of negotiations in regards to signing a double taxation avoidance agreement; which were initiated in 2006. HE also highlighted the importance of tax exemption for national air carriers as part of this agreement, as well as the Ministry’s commitment to start rounds of negotiations on signing agreements for the protection and promotion of investments.