Arab News Japan

TOKYO: The United Arab Emirates’ economy minister has urged Japan to speed up negotiations on a comprehensive economic partnership agreement (CEPA), according to a report from Nikkei Asia.

Economy Minister Abdulla Bin Touq Al Marri says his country can serve as a hub that will open up opportunities for Japan in the Middle East and Africa.

“We grow quite fast, and we hope that our counterpart here in Japan – the Ministry of Economy, Trade and Industry – can also act fast to take things forward,” he told Nikkei Asia.

Japan and the UAE agreed in September to undertakenegotiations for a CEPA and the first round was held in November in Tokyo. Al Marri said agreements such as these should take between six months to a year to complete.

“We have already signed 15 CEPA agreements and it can open up a lot for Japanese companies into not just the UAE, but on to other nations,” he said.

The UAE is the largest exporter of crude oil to Japan, accounting for around 40 percent of Japan’s imports in 2023. The country is trying to diversify its economy by investing in sustainable energy, space development and artificial intelligence.

It has already signed a CEPA with South Korea and has agreements with India, Israel, Indonesia, Turkey and others. The UAE joined the BRICS grouping of emerging economies in January. 

“The UAE has always been a place where the economy has beenbuilt on the strengths and ties of major economies,” Al Marri said. “Being in BRICS brings the UAE strength, as well as ties with major economies such as China, India.”

He emphasized the UAE’s efforts to engage in economic discussions as a part of the international community, citing the country’s hosting of the COP28 climate summit in 2023 and participation in the G20 summit as a guest in recent years. “The world needs more dialogue and conversation, and the BRICS bring that as well,” he said.