(MENAFN- Khaleej Times) Remarkable progress in UAE-UK ties requires new mechanisms to keep pace with that growth, UAE Minister of Exonomy Sultan bin Saeed Al Mansouri said on Saturday.
Al Mansouri said the UAE was aspiring to see joint economic and investment partnership between the two countries evolve into new sectors of cooperation like innovation.
The UAE minister made his remarks during talks with Lord Green, UK Minister for Trade and Investment, focusing on the progress of economic relations in areas of trade, investment and education, as well as relations between businessmen in the two countries.
He said the meeting provided an opportunity to review progress and achievements made in regards to what had been agreed upon in previous meetings of the joint UAE-UK economic committee, especially a review report prepared by the two countries.
Statistics showed trade exchange in commodities and services rose in 2012 to £10.6 billion from £9.7 billion in 2011, a growth of 9.3 per cent.
The two sides expressed their optimism that if these results would persist on the same pace in 2013 and 2014, the two countries could meet the projected target of £12 billion in trade exchange.
The two sides agreed to support efforts being made by the UAE-UK Business Council to promote joint investment.
On education, the two sides agreed to activate the memorandum of understanding signed by the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, during his visit to the UK.
They also affirmed their desire to expand cooperation in area of standardisation and metrology. The UAE expressed its interest in benefiting from British expertise in to raise its standards to best international practices.
The two sides also explored the possibility of concluding cooperation agreements in that respect.
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