HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, received HE Philip Parham, UK ambassador to the UAE at the Ministry of Finance (MoF) premises in Abu Dhabi. The two parties discussed the bilateral economic relations between the countries and the latest development regarding the rounds of negotiations on signing double taxation avoidance agreement.
HE Obaid Humaid Al Tayer stressed the depth and strength of the bilateral relation and strategic partnership enjoyed by UAE and UK, specifically in the investment and economic sectors.
HE Al Tayer continued: “The Ministry is committed to implement the UAE federal government’s strategic vision on promoting economic relations with UAE trading partners, as well as expanding the network of bilateral agreements to provide a safe environment for UAE investments across the world and in turn benefit the national economy.”
The Ministry held a fifth round of negotiations in January 2015 on signing double taxation avoidance agreements with the UK. Both countries have signed a protection and promotion of investment agreement in 1992; as per the Federal Decree No.26 of 1999.
The two parties also reviewed the countries’ leading economic indicators and statistics. The total volume of trade exchange recorded 137,054 million AED between 2009 and 2013. The UK gross domestic product amounted to 2.435 trillion US dollars in 2014; while the industrial production increased by 2.4% during the same period.