UAE takes part in IMF and WBG meetings

BALI, Indonesia, Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, is leading the UAE delegation at the International Monetary Fund (IMF) and World Bank annual meetings in Bali, Indonesia from 12th to 14th October.

The UAE delegation includes Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, and a number of experts at the ministry and the UAE Central Bank.

Al Tayer along with the UAE delegation attended the official opening ceremony of the annual IMF and WBG meetings. Al Tayer also inaugurated the reception for UAE banks, in collaboration with the UAE Central Bank, Dubai International Financial Centre (DIFC), and the Abu Dhabi Global Market (ADGM).

He said, “These meetings offer a platform to discuss important economic topics of global concern, including slower economic growth, monetary and fiscal policies, poverty reduction through technological solutions, implementing global financial sector reforms to achieve sustainable growth and strengthening emerging markets’ performance.”

On the sideline of the annual meetings, Al Tayer and O.K Matambo, Minister of Finance of the Republic of Botswana, signed an agreement on the avoidance of double taxation to strengthen cooperation, economic and financial relations between the UAE and Botswana.

Al Tayer also met with the Pakistani Minister of Finance, Asad Umar, to discuss ways to strengthen relations and cooperation and promote investment between the two countries.

The UAE is the largest trading partner of Pakistan, where the volume of trade exchange amounted to US$3.3 billion in 2015. Investments include telecommunications, aviation, banking, real estate, oil and gas. Currently, 26 UAE companies operate in Pakistan, and engage in discussions to explore new investment opportunities in different sectors. The UAE and Pakistan signed more than 28 agreements and MoUs, including agreements on the avoidance of double taxation, the promotion and protection of investments among others.

Al Tayer met with Ueli Maurer, Vice President of the Swiss Confederation and Swiss Minister of Finance, to discuss strategic partnership between the UAE and Switzerland and to prepare for the UAE- Swiss Dialogue for next year.

The UAE and Switzerland currently enjoy a strong bilateral relations with Swiss Investments amounting to US$3,195 million in 2016. In addition, Switzerland is one of the UAE’s major trading partners in Europe. Non-oil trade between the two countries grew at a record high with more than 13.3 billion US $ in 2016, representing an increase by 26% compared to the previous year.

UAE tops GCC export market for Swiss products, with value worth over AED18 billion annually.

Source: Emirates News Agency