Two-day Joint Committee Meeting to Bolster Collaboration in Tourism, Education, Health, Industry, Energy and Agriculture Sectors

Abu Dhabi-UAE: 03 June 2014 - His Excellency Sultan Al Mansouri, Minister of Economy, will lead a high-profile UAE delegation to the Romanian Capital Bucharest from June 3-4 for the third UAE-Romania Joint Economic Committee meeting. 

The visiting delegation, which includes representatives from the UAE government as well as the country’s private sector, will meet with their Romanian counterparts led by Romania’s Economy Minister Constantin Nita.  

Ahead of the event, the two sides have expressed optimism over building bilateral cooperation and achieving concurrence on the framework and procedures required for boosting trade and investment. 

Al Mansouri said: “Bilateral trade ties between the UAE and Romania have grown significantly in the recent past. The UAE strongly believes there is ample scope to expand the relationship. In addition to increasing the flow of direct investments into our respective economies, we are keen to explore specific sectors such as manufacturing, SMEs, tourism, higher education, health and energy. Non-oil bilateral trade volume between the two countries in 2012 stood at US$249 million – a modest figure considering the vast trade potential in both the UAE and Romania.”

Agreements 

The UAE and Romania have signed diverse agreements across sectors as part of this joint priority to consolidate trade and investment cooperation. These include the agreement for investment protection, avoidance of double taxation on income and capital, an economic and trade cooperation protocol signed between the Federation of UAE Chambers of Commerce and Industry and the Chamber of Commerce and Industry of Romania, as well as an air transport services agreement. 

Till date, three Romanian companies have established operations in the UAE. In addition, 16 Romanian trade agencies and 18 Romanian trademarks are registered in the country. 

Official diplomatic relations between the UAE and Romania commenced on August 1, 1989. The Romanian Embassy was opened in Abu Dhabi in 1990 and the Romanian Consulate General was set up in Dubai in 1992. The UAE Embassy in Bucharest was established in December 2004.