Khaleej Times, UAE

UAE and Japan to boost trade ties

By Staff Reporter

3 July 2006

ABU DHABI - The UAE and Japan yesterday agreed to foster their existing trade and economic relations by starting discussions on Avoidance of Double Taxation Treaty to create an enabling environment for bilateral investments.

Outgoing Japanese Ambassador to the UAE, Hajime Tsujimoto, yesterday called on State Minister for Financial and Industrial Affairs Dr Mohammed Khalfan bin Kharbash to discuss the progress on Avoidance of Double Taxation treaty, which would stimulate the bilateral economic and trade cooperation as Japan is one of the largest importers of the UAE crude oil.

Khalid Ali Al Bostani, Assistant Under Secretary of the Ministry of Finance and Industrial Affairs told reporters that Dr Khirbash also discussed the initiation of negotiations for Free Trade Agreement (FTA) between Japan-GCC, which would really pave the way for greater trade with the economic giant.

The GCC-Japan FTA talks are likely to start sometime in near future, as both the partners already had one round to set the agenda of the FTA agenda.