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UAE, Singapore and Algeria all commited to trade liberalisation

UAE, Singapore and Algeria have shared identical views on the importance of liberalising trade and providing a business-friendly environment conducive to accelerating FDIs and underpinning the economic diversification drive.

This came at two separate meetings Sultan bin Saeed Al Mansouri, Minister of Economy, had with Koh Poh Koon, Senior Minister of State at the Singaporean Ministry of Trade and Industry, and Algerian Minister of Trade, Saeed Jalab.

The Singaporean top official hailed the current partnership model between the two countries, which, he said, is based on ensuring mutual benefit and collaboration to consolidate the economic commonalities between the two friendly countries.

The UAE continues to be a key partner for Singapore in the region thanks to its ambitious economic model, said the Singaporean minister, adding that his country is looking forward to establishing more PPPs to advance bilateral trade, tourist and investment exchanges to higher levels.

Al Mansouri, for his part, underscored the significant commonalities between the two countries at the economic level, noting that the two Asian nations have succeeded to become a global business and tourist hub thanks to the central importance they are directing to developing robust, resilient legislation and developing the service sector in line with best international standards in addition to maintaining excellent bilateral relations with various world countries.

He affirmed the importance of continuing joint efforts to diversify the economy and tap fresh markets for investors from the two sides, particularly in areas of common interest, including Halal products, transportation and tourism in addition to accelerating knowledge transfer and exchange of expertise in areas of innovation and scientific research.

In the meantime, Al Mansouri underlined the importance of further consolidating the distinctive relations with Algeria, while laying special emphasis on the key sectors, primarily infrastructure, ports and tourism.

“Tourism abounds in growing prospects for propelling bilateral relations on account of the rich tourist potential boasted by Algeria, Al Mansouri told the Algerian minister, noting the importance of utilising the Emirati expertise in this field.

He also called for accelerating trade exchanges in line with the ambitious vision held by the two countries’ leadership.

Minister Jalab, for his part, praised the brotherly relations between the two countries and their joint strong will to developing economic and trade cooperation and further expediting economic diversification efforts.

He articulated his countries’ efforts to tap fresh markets, noting the UAE standing as a key gateway to Asian markets, a fact, which, he said, should open up more prospects for more fruitful partnerships between the two sides.

Source: WAM

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