H.E. Bin Touq meets with Armenian & Dominican ministers of economy & trade to explore deeper cooperation

H.E. Bin Touq meets with Armenian & Dominican ministers of economy & trade to explore deeper cooperation

Abu Dhabi: H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a meeting with his Armenian counterpart H.E. Vahan Kerobyan to discuss the strengthening of trade and investment relations between the two countries. The meeting took place on the sidelines of the World Free Zones Organization’s annual international conference and exhibition 2023, which was held in Dubai.

Emphasizing the strength of bilateral relations between the UAE and Armenia, H.E. Bin Touq noted that these relations continue to grow in areas of mutual interest, thanks to the shared commitment of both leaderships to making it happen. The UAE is Armenia’ largest GCC trade partner and second largest Arab partner as of 2021.

H.E. added: “The non-oil trade between the two countries witnessed a sevenfold growth in 2022 to exceed AED 5.6 billion (USD 1.5 billion), up 611 per cent from 2021. It accounted for more than 90 per cent of Armenia's trade with the GCC countries and a third of its trade with the Arab countries. On the other hand, Armenia accounted for 10 per cent of the UAE's trade with the Eurasian markets in 2022.”

The meeting explored enhanced cooperation in various fields including the new economy sectors, agriculture, tourism, travel, hospitality,