UAE, UK eye $35.4bn trade ties by 2020, says British PM

David Cameron says new trade target has been set after earlier objective reached ahead of schedule

Prime Minister of the United Kingdom David Cameron. (AFP/Getty Images)

Prime Minister of the United Kingdom David Cameron. (AFP/Getty Images)

The UAE-UK Business Council has started to work towards an ambitious new goal of £25 billion ($35.4 billion) annual trade by 2020, according to David Cameron, the British prime minister.

Cameron told consultancy firm Oxford Business Group (OBG) that the new trade target was set after the council reached its earlier objective of £12 billion annual trade two years ahead of schedule.

“Trade between the Gulf and the UK was worth $33 billion in 2014 – more than our trade with India or China,” the UK’s prime minister said. “The UAE is our 14th biggest export market. The Gulf’s prosperity is also our prosperity.”

OBG said the UK prime minister also highlighted the key role that the UK had played in supporting the UAE’s fast-paced development, while also pointing to the emirates’ significant investment in British initiatives, such as infrastructure.

“British businesses, institutions and individuals have contributed a huge amount to the extraordinary development of the UAE into the increasingly diversified hub which it has become. And the UAE has become an increasingly important investor in the UK,” he said.

Cameron said there were many opportunities for future partnerships between the UK and the emirates. He also highlighted the importance of joint efforts on a regional level to combat terrorism, describing Gulf security and British security as “intimately linked”.

“It would be foolish to deny the challenges which confront the UK and the Gulf – the security threats, the oil price, headwinds in the major emerging economies,” Cameron told OBG. “But these are challenges which we can meet together, and from which we can create opportunities.”

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Why the Qatar hacking incident has revived Gulf tensions

Why the Qatar hacking incident has revived Gulf tensions

Analysts say the incident was far more than a security breach...

Trump's Saudi embrace, Iran disdain upend Obama's vision

Trump's Saudi embrace, Iran disdain upend Obama's vision

Analysts say Trump's actions mark a stark departure from the...

WEF has a plan, but it is up to the Middle East to make it happen

WEF has a plan, but it is up to the Middle East to make it happen

Organisation knows what the GCC has to do to meet the challenges...

Most Discussed
sponsoredTracking