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UAE + Japan launch EPA talks: The UAE and Japan have agreed to launch negotiations for an economic partnership agreement (EPA) to boost economic diversification efforts, innovation, and investment between the two countries, according to a statement. Negotiations will come in parallel with talks over a wider GCC agreement.
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Why is this important? The UAE accounts for some 40% of Japan’s trade with GCC countries, with non-oil trade between the two countries amounting to USD 8.1 bn in the first half of 2024, Wam reports.
In the works for a while: Abu Dhabi Executive Council member Hamed bin Zayed Al Nahyan and Japanese Prime Minister Fumio Kishida witnessed the signing of 23 agreements and MoUs to build on strengthening trade and transportation ties in July last year. Japan and the GCC are currently in talks for a freetrade agreement, after agreeing to resume negotiations the same month.
REMEMBER- The UAE announced in July that it was in talks with Japan to finalize the terms of bilateral trade agreements, with up to seven pacts set to be inked before year-end, in addition to seven more agreements pending final ratification.
IN OTHER UAE DIPLO NEWS- Is a separate trade agreement between the UAE and EU coming? The EU is reportedly considering pursuing a trade agreement with the UAE as negotiations for a separate agreement with the GCC stall, Bloomberg reports, citing sources familiar with the matter. The caveat would be finding an arrangement that would not affect the wider GCC agreement, and would not upset other countries in the GCC, sources added.
