UAE, Russia join forces to counter terrorism, stabilise world oil markets

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(Abu Dhabi) – H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Denis Manturov, Russian Minister of Industry and Trade, co-chaired the 9th meeting of the UAE-Russia Joint Committee, which held in Abu Dhabi.

Addressing the meeting, H.H. Sheikh Abdullah stated that the meeting is complementing the works of previous meetings and coming as an extension of the strategic partnership announced by both countries during the landmark trip made by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Moscow in June 2018.

”The 9th meeting of the joint committee holds a special significance as it precedes a historic state visit by Russian President Vladmir Putin to the UAE on 15th October, which underscores the depth of bilateral ties across the political, economic, cultural, social and scientific spheres,” said Sheikh Abdullah.

”To maintain the momentum of the flourishing ties, we are cooperating to ensure stability in the region and working together to counter and confront all forms of the extremist ideology,” he added, highlighting the rapid growth in bilateral relations in areas of trade, tourism, military cooperation and space sciences.

”I would like to extend our thanks and appreciation to the Russian Minister and the Russian firms, especially the Russian space agency, Roscosmos, for advancing our space partnership which culminated in the first space mission and the launch of the first Emirati astronaut into the International Space Station last month. We are all proud of Hazzaa Al Mansoori and happy that these moments will live forever in the memory of the Emirati people, especially the youth,” Sheikh Abdullah further added.

On energy market, Sheikh Abdullah said, ”The UAE and Russia have over the recent years cooperated to maintain the balance in the world oil markets and tackle imbalances in supply and demand fluctuations to ensure the aspired balance and stability in the markets and stimulate and maintain world economy growth and prosperity,” Sheikh Abdullah went on to say.

”The UAE is looking forward to consolidating this partnership with your country in sectors of energy, oil and renewable energy, which constitute the sustainable source of energy for future generations,” the UAE Foreign Minister told the Russian minister.

”In light of ongoing efforts to enhance bilateral relations, the two-way trade has seen remarkable growth over the recent years and the UAE and Russia today are maintaining advanced strategic trade and economic partnership in the region. The UAE is the key trading partner to Russia in the Gulf region. In the same context, I invite the two countries to set a time frame to double the trade exchange under the joint work approach and based on certain performance indexes,” he added.

He continued, ”We agreed today to accelerate the conclusion of a joint Memorandum on Cooperation between the Emirati and Russian customs authorities and to launch a committee for businessmen which will represent chambers of commerce in our countries.” On the investment sector, Sheikh Abdullah called for increasing mutual investment, particularly in sectors like oil, energy, renewable energy, base metal, construction and food security, noting that special focus should be given to food security as there is a prosperous market that can tap Russia’s huge potentials and UAE’s logistical capacities which Moscow can benefit from not only in inter-trade between the two countries but also through the UAE as a gateway to the region’s markets.

This, he affirmed, requires joint working teams to explore prospects for integration between these investments and other key incentive initiatives like national projects in Russia and the Abu Dhabi Government Accelerators Programme “Ghadan 21” as well as encouraging mutual investment with a third country.