The inaugural session of the Joint Economic Committee (JEC) between the UAE and Iran convened in Abu Dhabi last week
The committee was chaired by H.E. Abdulla bin Touq al Marri, Minister of Economy, from the UAE, and H.E. Mehrdad Bazrpash, Minister of Roads and Urban Development, from Iran.
Government officials from both sides participated in the session, focusing on enhancing cooperation across various economic sectors of mutual interest. These sectors include economy, tourism, transport, entrepreneurship, energy, renewable energy, SMEs, innovation, logistics, agriculture, and the environment. Discussions also revolved around supporting joint efforts to advance bilateral economic relations.
The Minister of Economy briefed the Iranian delegation on recent economic developments in the UAE's business environment. These developments include amendments to the Commercial Companies Law allowing 100% foreign ownership, modernisation of visa and residency systems, and the introduction of self-employment and green residency pathways.
He also discussed the enactment of new federal laws, such as those concerning family businesses, commercial agencies, cooperatives, and trade facilitated by modern technical means. These initiatives create a conducive environment for various business models, fostering sustainable growth in the UAE economy. Furthermore, the launch of initiatives supporting the national economy's transition to a circular model, notably the 'UAE Circular Economy Policy 2031,' was highlighted.
Industry and aviation
The session explored new mechanisms to enhance trade exchanges, emphasising the private sector's role in promoting economic cooperation. Discussions included providing support to exporters and importers, diversifying goods and services, and establishing communication channels between private sectors.
Moreover, discussions centred on strengthening cooperation and investment in sectors related to tourism, trade, traditional and renewable energy, industry, R&D, institutional innovation, financial markets, entrepreneurship, agriculture, and aviation.
H.E. al Marri said, "The convening of the first session of the UAE-Iran JEC reflects our shared aspirations to solidify existing economic ties and expand them to the future sectors. These efforts are in line with the UAE wise leadership’s vision to strengthen the country’s bilateral cooperation with global partners.”
