UAE, UK eye 60% increase in joint trade by 2015

The UAE and the UK are to set up taskforces to encourage closer trade ties in "critical sectors", following top-level talks in London.

The UAE's Minister of Economy Sultan bin Saeed Al Mansouri said the two countries would be seeking to "boost collective cooperation in order to build fortified defence lines against world economic changes".

Officials also said they wanted trade between the nations to increase from its current GBP7.5bn ($12.4bn) to GBP12bn ($19.9bn) by 2015.

His comments followed the first meeting of the Emirati-British economic committee which he co-chaired with Lord Peter Mandelson, the UK's Secretary of State for Business, Innovation and Skills.

"We have agreed with the British side to bolster cooperation in critical sectors whereby taskforces will be set up to study and analyse challenges hindering smooth flow of trade exchange," Mansouri said in comments published by news agency WAM.

He added that the cooperation will also be enhanced in areas of higher education, small and medium scale enterprises and financial services mainly the Islamic banking.

In a joint statement after the meeting, the two sides recognised the exponential growth in economic and financial exchange.

The two sides agreed to organise a business forum in the UAE in the first half of 2010 in an effort to establish new business partnerships.

They also agreed to study the possibility of launching a pan Emirati-British business council building on the model of the UK business groups in the UAE.

The second meeting of the committee will be held in the UAE next year.

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