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UAE, Britain plan to bring trade exchange to AED142bn

The council discussed ways to explore joint investments in both countries, as well as the prospects for launching joint investments in a third country.

The UAE-British Business Council plans to increase the trade exchange between the United Arab Emirates and Britain to AED142.5 billion by 2020.

The president of the UAE-British Business Council, Nasser Ahmed Alsuwaidi, says that the strategic objective for which the council was established in 2011 was to bring trade exchange to £12bn by 2015 and this was, in fact, achieved last year.

The comments, published by Al-Ittihad, came at the council’s eighth session, which was held at the British Petroleum headquarters in London.

The council discussed ways to explore joint investments in both countries, as well as the prospects for launching joint investments in a third country.

Alsuwaidi stresses that the council will work to further expand economic cooperation between the two countries and to remove hindrances to investors from both countries.

The meeting touched on joint investments in the areas of energy, finance, small and medium enterprises, education and training, infrastructure, health, defence and aviation.

It is worth noting that the United Arab Emirates was Britain’s top trading partner among Arab countries, as the trade exchange between the two countries hit AED55 billion in 2013.